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[Cu] CBI Morning Review - 2009/7/17 Copper Market
SHANGHAI, July 17 (CBI China) -- Overnight LME copper price moved downward dampened by the profit-takings. However, the US Department of Labor announced the number of initial claim for unemployment benefits during last week was 522,000, lower than estimated level of 565,000. The positive data stimulated the base metal to move up. Besides, the US stocks climbed due to the excellent JP Morgan's performance, which also helped support copper price to rebound. LME three-month contract copper price closed at USD 5,250/mt finally, up USD 5/mt. LME copper inventories declined by 225mt, bringing total inventories to 260,875mt. Market players were concerned with regard to soaring copper price, so the wait-and-see attitude dominated the domestic market, waiting for a clear direction for copper price.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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