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Home / Metal News / [Cu] SMM Morning Review - 2009/7/28 Copper Market

[Cu] SMM Morning Review - 2009/7/28 Copper Market

iconJul 28, 2009 00:00
Source:上海有色金属网

SHANGHAI, July 28 (SMM) -- The US announced that the annual rate of new home sales in June was 384,000, higher than expected level of 350,000. This positive data boosted the stock markets and softened the US dollar, and base metal prices climbed again. LME copper prices soared to USD 5,625/mt but received significant pressure, and closed at USD 5,570/mt finally, up USD 40/mt. LME copper inventories increased by 3,475/mt to 277,425mt. Market players lacked enthusiasm to accept higher prices in domestic spot market. However, copper prices will remain strong boosted by rising Shanghai and Shenzhen stock markets.

 

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

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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