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[Cu] CBI Evening Review - 2009/6/30 Copper Market
SHANGHAI, June 30 (CBI China) -- LME copper price increased sharply, and today SHFE copper price opened high and then fluctuated higher. SHFE 910 contract copper price opened at RMB 40,510/mt in the morning, and then fluctuated narrowly after soared to RMB 40,820/mt. However, SHFE copper price grew again propelled by the rising LME electronic trading in the afternoon, with daily growth rate of 1.31%. The transactions were brisk and the positions continued to increase.
Copper inventories were very large in domestic bonded area along with the significant increases in China’s copper imports during May. However, copper price will continue to move upward before domestic traders begin importing. Technically, SHFE copper price has risen above daily average line and will continue to fluctuate higher in the short term.
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