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[Cu] SMM Morning Review - 2009/9/18 Copper Market
SHANGHAI, Sept. 18 (SMM) -- The US housing start in August was 598,000 units, in line with market forecast. However, LME copper prices closed down weighed by continuous increases in copper inventories and buyers’ profit-takings. LME three-month contract copper prices closed at USD 6,365/mt, down USD 105/mt. LME copper inventories increased by 1,150mt, bringing total inventories to 324,375mt. Yesterday, SHFE copper prices tracked the upward trend of LME copper prices, but received marked pressure at RMB 50,000/mt. Meanwhile, spot consumption was restricted by higher prices as well, and copper prices are expected to fluctuate at high levels before National Day.
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