[Cu] SMM Morning Review - 2009/8/28 Copper Market

SHANGHAI, Aug. 28 (SMM) -- The US announced that the number of initial applications for unemployment benefits dropped to 570,000, and the annual rate of US GDP was revised to a 1.0% shrinkage on a quarterly basis, lower than economists forecast of a 1.5% shrinkage. However, this positive economic data exerted limited impact on LME copper prices. LME copper three-month contract prices closed at USD 6,315/mt, up USD 25/mt. LME copper inventories increased by 1,150mt, bringing total inventories to 297,550mt. The weakened US dollar and increased crude oil prices, as well as the absorption of positive economic data last night, are expected to improve copper prices, so SHFE copper prices will likely move upward.

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