[Cu] CBI Evening Review - 2009/4/29 Copper Market

SHANGHAI, Apr. 29 (CBI China) -- Swine flu continued to weigh on metal markets, while the positive US economic data ended the overnight LME copper to dip further. Today, SHFE 908 contract copper opened at RMB 33,990/mt, then slipped to RMB 33,440/mt. SHFE copper price began rising in the afternoon, and closed at RMB 34,880/mt, up 0.81% over the trading day, the trading volumes increased compared to previous trading day, and the position grew by 6,920 lots. Today, the spot price is in the RMB 35,700-35,800/mt range. The imported copper supply increased, while the downstream consumption became weak, leading to limited transactions in the market.

    The US Conference Board announced on Tuesday that the US consumer confidence index rose to 39.2 in April, the highest level since September, the largest monthly growth rate since September 2005, while the consumer confidence index was revised to 26.9 in March. Although the US consumer confidence index was better than expected, the negative impact of swine flu on global economy remains to be seen, weighing on SHFE copper in the short term. Today, SHFE three-month contract copper price ended the downward trend, and will fall further in the short term.

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