[Cu] CBI Evening Review - 2009/6/16 Copper Market

SHANGHAI, June 16 (CBI China) -- Dampened by stronger US dollar, LME copper price continued to fall. Today SHFE copper price moved in the low level. SHFE copper 909 contract price opened at RMB 39,000/mt in the morning, and then gained some support at 20-day average line, with a dip of RMB 1.99% over the day. The positions decreased by 17,406 lots.

    The Federal Reserve Bank of New York announced on Monday that the manufacturing index of Federal Reserve Bank of New York in June fell to negative 9.41 (with the estimated level of a negative 4.50 ), with a negative 4.55 in May. The worse-than-expected US manufacturing data resulted in rebounding US dollar and falling copper price. Additionally, the domestic low demand period and ample supply in the market were also unfavorable to copper price. Technically, SHFE copper 909 contract price received support at 20-day average line, and any downward room for copper price is expected to be limited, so copper price will remain high in the short term.

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040