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[Cu] SMM Morning Review - 2009/11/5 Copper Market
SHANGHAI, Nov. 6 (SMM) -- The US government announced that the productivity of non-farm employment in 3Q increased by 9.5%, and the number of initial application for unemployment benefits dropped to 512,000, boosting the US stocks to soar, and Dow Jones index closed above 10,000 points. However, the currency market was waiting for the upcoming employment data on Friday, and the US dollar index moved narrowly around 75.7 points. Base metal prices remained stable as well, but a significant growth of 5,775mt in LME copper inventories exerted downward pressure on copper prices. In this context, LME copper prices closed at USD 6,530/mt, down USD 40/mt. Special attentions should be paid to the employment data from the US tomorrow. The US dollar will likely move up to break through the current moving range if the unemployment rate is 10% as expected, base metal prices will slip as a result.
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