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[Cu] CBI Morning Review - 2009/5/7 Copper Market
SHANGHAI, May 7 (CBI China) -- The data released by US ADP Employer Services showed that the US civil employment in April declined by 491,000, lower than market expected, propelling the US and European stock markets to climb up, and LME copper price rebounded sharply as well. LME three-month copper contracts closed at USD 4,785/mt, up USD 255/mt. However, it is worth noting that LME inventories ended the downward trend and increased significantly by 7,225mt to 402,150mt. Meanwhile, the cancel warrants declined as well. The macro news helped support the copper price to rebound, but the copper price will likely meet corrections in the short term due to the shortages of actual support from demand.
Copyright ? 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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