[Cu] CBI Evening Review - 2009/4/16 Copper Market

SHANGHAI, Apr. 16 (CBI China) -- Overnight LME copper remained on upward trend positively affected by the sharp declines in LME inventories. Today, SHFE copper opened at high, with 907 contract opening at RMB 40,690/mt. The price picked up to a new high and then fell to RMB 40,500/mt. SHFE copper closed at RMB 40,280/mt, up 3.15% over the trading day. The trading volumes edged down slightly, and the position also declined by 19,454 lots. Today, the copper spot price remained in the RMB 43,500-43,700/mt range, with the spot premium of RMB 1,150-1,350/mt.

    The National Bureau of Statistics announced the economic data during 1Q today. GDP increased by 6.1% YoY in 1Q, a little lower but in line with the market expectations, depressed by the falling industrial output and exports during the first two months. The fixed asset investment increased by 28% YoY, while the industrial added value increased by 5.1% YoY, indicating the positive impact of economic stimulus plans, and the positive economic data will continue to support the copper price. Today, SHFE copper 907 contract rose again to RMB 40,000/mt, and is expected to move around RMB 40,000/mt in the short term.

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