[Cu] CBI Morning Review - 2009/7/15 Copper Market

SHANGHAI, July 15 (CBI China) -- The US enterprise inventory in May fell by 1.0% compared to April, and PPI in June rose by 1.8% compared to May, and retail sales in June rose by 0.6%. Those positive economic data drove up the market optimistic sentiment. Goldman Sachs released on Tuesday that its earnings in 2Q rose by 33%. The better than expected Goldman Sachs&rsquo; earnings in 2Q promoted the US stock markets to rebound continuously.
&nbsp;&nbsp;&nbsp; Overnight LME base metal prices soared propelled by the stronger US stock markets and better than expected US retail sales. LME aluminum price closed at USD 1,602/mt, up USD 39.5/mt. LME aluminum inventories increased by 12,125mt, bringing total inventories to 4,448,850mt, while the positions declined significantly, indicating the limited sustainability of price rebounding. The positive news in surrounding markets are expected to drive up SHFE aluminum price today, but the overall weak market fundamentals will restrict the upward room for aluminum price, so SHFE aluminum price will fluctuate in the high level in the short term.
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