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[Cu] SMM Morning Review - 2009/8/27 Copper Market
SHANGHAI, Aug. 27 (SMM) -- Although both durable goods orders and new home sales from the US were positive, LME copper prices lost previous gains negatively affected by strengthened US dollar and dropping crude oil prices. LME copper three-month contract prices closed at USD 6,290/mt, up USD 35/mt. LME copper inventories declined by 200mt, bringing total inventories to 296,400mt. SHFE copper prices soared above RMB 50,000/mt yesterday driven by rising domestic stock markets, and are expected to stabilize at RMB 50,000/mt if stock markets in Asia remain strong today. Special attention should be paid to the upcoming US GDP tonight.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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