[Cu] CBI Morning Review - 2009/4/24 Copper Market

SHANGHAI, Apr. 24 (CBI China) -- The National Association of Realtors (NAR) announced on Thursday that the existing home sales in the U.S. in March fell to 3.0%, with the annual rate of 4.57 million and the prediction of 4.7 million. The U.S. Department of Labor announced on Thursday that the initial claims for unemployment benefits during this week rose to 640,000, with the estimated at 635,000. The initial purchasing managers index (PMI) in service sector in euro zone during April rose to 43.1 from 40.9 in March, and the initial PMI in manufacturing industry rose to 36.7 from 33.9 in March. The monthly rate of industrial orders in euro zone during February declined by 0.6%, and the annual rate declined by 34.5%. 
&nbsp;&nbsp;&nbsp; Hence, the European economic data were better than the U.S. The weak U.S. property market and employment report dampened the market demand prospect, so overnight LME base metals fell generally. LME aluminum closed at USD 1,453/mt, down USD 14/mt. The inventories increased by 17,000mt to 3,676,525mt. Negatively affected by weak surrounding markets, SHFE aluminum dominant contract will receive pressure, but the strong market trend will possible push up the price in the short term. 
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