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[Cu] SMM Morning Review - 2009/8/3 Copper Market
SHANGHAI, Aug. 3 (SMM) -- The annual rate of gross domestic product (GDP) in the US during 2Q contracted by 1.0% on a quarterly basis, better than estimated level of 1.5% shrinkage. The news boosted base metal markets. LME copper prices closed at USD 5,755/mt, up USD 130/mt. LME copper inventories increased by 2,825mt, bringing total inventories to 280,875mt. LME copper prices have set new high for several times, and it is expected that speculative funds will help support copper prices to remain high under positive economic environment.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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