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[Cu] SMM Morning Review - 2009/10/14 Copper Market
SHANGHAI, Oct. 14 (SMM) -- As the world's largest copper mine Escondida and BHP reached new collective agreements, the previous strike concerns failed to boost copper prices further, and LME copper prices declined as a result. LME three-month contract copper prices closed at USD 6,130/mt, down USD 125/mt. LME copper inventories increased by 575mt, bringing total inventories to 347,950mt.
Today, the preliminary data of China’s import and export will be released, and China’s copper imports are expected to fall on a monthly basis given unfavorable SHFE/LME copper price ratio and weak consumption, which will likely bring downward pressure to copper prices. However, copper prices can still find solid support, and will likely inch up in the short term after corrections.
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