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[Cu] CBI Evening Review - 2009/6/10 Copper Market
SHANGHAI, June 10 (CBI China) -- Overnight LME copper rose strongly propelled by falling US dollar and stronger crude oil price. Today SHFE 909 contract copper price opened at RMB 42,180/mt, but then fell to RMB 42,000/mt after facing downward pressure. SHFE copper price grew by 2.38% today, with trading volumes down mildly and positions down 10,068 lots.
The weakening US dollar and rising crude oil price generated the inflation expectation, remaining a main factor to push up copper price. However, current weak domestic consumption and continuous increases in inventories will hamper copper price rise. The National Bureau of Statistics announced CPI in May fell by 1.4% YoY, and PPI in May fell by 7.2, in line with market expectations. The industrial prices declined more rapidly due to oversupply in domestic markets. Technically, SHFE 909 contract copper price faced resistance in the high level, and is expected to move upward in the short term.
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