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[Cu] SMM Morning Review - 2009/10/29 Copper Market
SHANGHAI, Oct. 29 (SMM) -- The US Department of Commerce announced that the US new home sales in September fell by 3.6% to an annual rate of 402,000 units, while the estimated annual rate was 440,000 units. The weak US housing data drove up US dollar index to 76.5, and base metal prices dropped as a result. LME copper prices closed at USD 6,430/mt, down USD 155/mt. LME copper inventories increased by 1,075mt, brining total inventories to 371,725mt. LME copper prices fell below USD 6,500/mt, but SMM believes LME copper prices will continue to advance after a short-term correction. Particular attention should be paid to the upcoming US GDP tonight.
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