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[Cu] SMM Morning Review - 2009/8/14 Copper Market
SHANGHAI, Aug. 14 (SMM) -- The EU announced that the GDP in 2Q in euro zone fell by only 0.1%, better than expected level of 0.4%, and GDP in France and Germany even increased by 0.3%. The positive economic data greatly improved commodity market. LME nickel prices jumped by 8%, although prices lost previous gains before closing. LME copper prices closed at USD 6,410/mt, up USD 220/mt, setting a new high. LME copper inventories declined by 425mt, bringing total inventories to 291,975mt. Copper prices will likely soar above USD 6,500/mt in the near future.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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