[Al] CBI Daily Review - 2009/7/3 Aluminum Market

SHANGHAI, July 3 (CBI China) -- As to macro economic data, purchasing managers index (PMI) and other manufacturing indexes continued to improve, but consumer confidence index and unemployment rate remained weak. On the one hand, the recovery of industrial production boosted the demand for raw materials, coupled with ample speculative funds, prices of copper and other commodities were driven up significantly. On the other hand, the depressed end-user consumption and employment data limited the sustainability of price hike.
&nbsp;&nbsp;&nbsp; CBI believes market fundamental reported no significant changes, so copper price will continue to fluctuate in the USD 4,750-5,250/mt range. However, slight oversupply will likely appear in the market triggered by the seasonal low demand period, so special attentions should be focused on changes in SHFE and LME copper inventories.
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