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[Cu] SMM Morning Review - 2009/12/2 Copper Market
SHANGHAI, Dec. 2 (SMM) -- Dubai began talks with banks to restructure its debt, raising market confidence and investor risk preference. In addition, China’s PMI of manufacturing sector, the US pending home sales index, and the US construction spending were all better than expected, helping boost the US stocks, and Dow Jones Index closed at 14-month high. In this context, the US dollar index dropped to 74.4. Copper, as a kind of important industrial metal, has drawn investor attention again, and LME copper prices hit USD 7,090/mt, and closed at USD 7,075/mt finally, up USD 145/mt. LME copper prices returned to the upward track in the short term, and have fluctuated around USD 7,000/mt, and are expected to climb to USD 7,200/mt in the near future.
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