(18/04) METALS-Copper extends losing streak on China inflation

April 18, 2011

Copper fell for a fifth straight day
on Friday, posting its biggest weekly loss since mid-March, as mounting
inflationary pressure in China cast a shadow over the near-term demand
outlook.

Copper again shunned rallies in the precious metals complex, with gold and
silver surging to record and 31-year highs, respectively, as investors bought
both metals as a hedge against global inflation worries and rising oil prices.

Chinese consumer price inflation sped to 5.4 percent in the year to March,
the fastest since July 2008 and topping market forecasts of 5.2 percent. Gross
domestic product in China, the world's top copper buyer, eased a touch.
Copper inventories at LME warehouses fell 375 tonnes to 450,425 tonnes, a
small respite in an overall uptrend that has seen stocks of the metal climb by
a fifth so far this year.

(18/04) Copper under pressure as inflation rises globally

April 15, 2011

Copper fell on Friday, heading for a fifth straight session of losses as investors worried Chinese inflation at a 32-month high would lead to tighter monetary policy hitting demand in the world’s top metals buyer.

Chinese consumer price inflation sped to 5.4 percent in the year to March, the fastest since July 2008 and topping market forecasts for a 5.2 percent increase. Gross domestic product eased a touch in the world’s top copper buyer.

Copper for three-months delivery on the London Metal Exchange (LME) was at $9,383 a tonne at 1435 GMT from Thursday’s close of $9,410.

“The market is gradually getting a little bit more worried about what Chinese growth is going to look like over the medium term because of the ongoing tightening,” Jesper Dannesboe, senior commodity strategist at Societe Generale, said. “Growth is going to slow down quite significantly, it’s going to be very bumpy.”

China’s production of refined copper and primary aluminium rose 23.7 percent and 7.4 percent respectively from a year earlier in March, hitting monthly records for both metals on expanded capacity and sufficient supply of raw materials.

Copper inventories at LME warehouses fell 375 tonnes to 450,425 tonnes on Thursday, showing little respite in an upward trend that has seen stocks of the metal used in power and construction climb by a fifth so far this year.
Copper briefly pared some losses after a bout of U.S. data. A gauge of manufacturing in New York State rose in April to its highest level in a year, and the state employment index jumped to its highest since May 2004, the New York Federal Reserve said in a report.

(18/04) Copper futures tumble for 3rd day straight

April 18, 2011

Copper prices on the Shanghai Futures Exchange continued to tumble recording the third straight day of losses.

The most active June copper contract fell about 1% to CNY 71,150 per tonne at the close of trading. The contract opened Thursday morning down 0.7% from Wednesday's settlement after prices continued to fall in international markets.

Analysts said that the decline tracked copper futures on the London Metals Exchange during the previous session. The 3 month LME copper contract stood at USD 9,469 per tonne when the SHFE closed in Shanghai. The contract had been trading at USD 9,675 per tonne when the SHFE closed Wednesday.

Mr Yin Chuanxiang an analyst for Jin Yuan Futures said that the market remained concerned about US investment bank Goldman Sachs' recent bet that copper prices will fall.

Mr Yin said that nonetheless, the price of copper stayed within recent trading bounds. So I am optimistic about the price in the short term. Copper on the Changjiang Nonferrous Metals Trading Market, a major spot metals market in Shanghai traded Thursday at an average price of CNY 71,575 per tonne down CNY 375 from the previous day.

(18/04) METALS-Copper ticks up; China policy eyed, technicals point higher

April 18, 2011

Copper prices reversed early
losses on Monday, focusing on a more positive technical outlook,
with some in the market viewing Sunday's reserve ratio hike as a
step closer to the end of the monetary tightening cycle in
China.

Three-month copper on the London Metal Exchange rose
$30 to $9,435 a tonne by 0348 GMT. Shanghai's most-active June
copper futures contract SCFcv1 rose 280 yuan to 71,110 yuan a
tonne, after ending last week down 3.5 percent, its biggest
weekly drop in a month.
China's central bank said on Sunday it would raise lenders'
required reserves by 50 basis points, the fourth time this year
it has made such a move.

The move increases the required reserve ratio for the
country's biggest banks to a record 20.5 percent, another step
in the government's campaign to control inflation.

(18/04) METALS-Copper ticks up; China policy eyed, technicals point higher

April 18, 2011

Copper prices reversed early
losses on Monday, focusing on a more positive technical outlook,
with some in the market viewing China's reserve ratio hike as a
step closer to the end of the monetary tightening cycle.

Three-month copper on the London Metal Exchange rose
$31.75 to $9,436.75 a tonne by 0700 GMT. Shanghai's most-active
June copper futures contract SCFcv1 rose 210 yuan to 71,040
yuan a tonne, after ending last week down 3.5 percent, its
biggest weekly drop in a month.

Shanghai copper traded at a discount of 1,126 yuan versus
the benchmark LME contract, counting for China's 17 percent VAT.
Technically, copper prices could rebound to $9,500, Reuters
analyst Wang Tao said, based on an Elliott wave analysis of
short-term market behaviour.
Copper may also see pressure after the International Copper
Study Group (ICSG) trimmed its 2011 global copper market deficit
forecast to 377,000 tonnes, about 20,000 tonnes narrower than
its previous forecast in October 2010.

(18/04) METALS-Copper edges up, takes China move in its stride

April 18, 2011

Copper edged up on Monday as investors closed short positions after five straight days of price declines, outweighing concerns about China's raising banks' required reserves and the effect of a stronger dollar.

Copper for three-months delivery on the London Metal Exchange traded at $9,431 a tonne at 0915 GMT, up from a close of $9,405 a tonne on Friday.

China raised banks' reserve requirements on Sunday for the fourth time this year, extending the fight against excessive liquidity and stubbornly high inflation there. Chinese stocks rose to a five-month high as many investors had factored the much anticipated measure.
ut analysts said the monetary tightening also sent a positive signal as it showed the world's second-largest economy had its growth under control.

Stocks of copper in LME warehouses last rose 1,350 tonnes to 451,775 tonnes, their highest since June 2010. The majority of these inflows went into warehouses in Asia, supporting investors' concerns that Chinese demand is lacklustre. "People are still talking a lot about the high inventories in China for copper," Standard Chartered's Smith said.

The dollar strengthened against a basket of major currencies, softening metals demand from non-U.S. investors.

Also keeping sentiment in check, European equities fell as the crisis in the euro zone continued to dampen risk appetite.

(15/04) Copper prices down on higher inventories, China inflation

April 15, 2011

Copper prices were lower again Thursday on more concerns about inflation in China and as inventories continue to grow.

May copper was a cent lower to $4.28 per pound in New York trade, while three-month contracts were down $105 to $9,410 per tonne on the London Metal Exchange.

Media reports said that it is likely inflation was up as much as 5.4 percent in China in March over the same month last year, and investors worried that if the reported figure turns out to be accurate, it could lead to more monetary policy tightening that could hurt demand for copper in the Asian nation.

Inventories of copper in warehouses monitored by the LME added another 875 tonnes during the session to their highest levels since last June, while gains in US producer prices in March also hurt prices.
Precious metals prices, however, were higher in New York trade, helped by a weaker US dollar and by concerns about European debt problems and on the US news on producer prices and a Labor Department report that showed first-time claims for unemployment benefits in the US were up by 27,000 last week.

(15/04) METALS-China inflation data knocks copper price

April 15, 2011

Copper fell on Friday, heading for its fifth straight session of losses as investors worried Chinese inflation at a 32-month high would lead to tighter monetary policy hitting demand in the top metals consumer.

Chinese consumer price inflation sped to 5.4 percent in the year to March, the fastest since July 2008 and topping market forecasts for a 5.2 percent increase. China's gross domestic product eased a touch.

Copper for three-months delivery on the London Metal Exchange (LME) was at $9,383.75 a tonne from Thursday's close of $9,410.
Copper inventories at LME warehouses fell 375 tonnes to 450,425 tonnes on Thursday, little respite in an upward trend that has seen stocks of the metal used in power and construction climb by a fifth so far this year.

(15/04) Copper up, China demand concerns cap gains

April 15, 2011
Copper edged up on Friday, clawing back some ground after four straight session of losses, with gains capped by worries Chinese inflation at a 32-month high would lead to tighter monetary policy and hit demand.

Chinese consumer price inflation sped to 5.4 percent in the year to March, the fastest since July 2008 and topping market forecasts for a 5.2 percent increase. Gross domestic product eased a touch in the world's top copper buyer.

Copper for three-months delivery on the London Metal Exchange (LME) was at $9,431 a tonne in rings, from Thursday's close of $9,410.

"The market is gradually getting a little bit more worried about what Chinese growth is going to look like over the medium term because of the ongoing tightening," Jesper Dannesboe, senior commodity strategist at Societe Generale, said.

"Growth is going to slow down quite significantly, it's going to be very bumpy."

China's production of refined copper and primary aluminium rose 23.7 percent and 7.4 percent respectively from a year earlier in March, hitting monthly records for both metals on expanded capacity and sufficient supply of raw materials.

Copper inventories at LME warehouses fell 375 tonnes to 450,425 tonnes on Thursday, little respite in an upward trend that has seen stocks of the metal used in power and construction climb by a fifth so far this year.

(15/04) Copper Gains Modestly, DOW Futures Rally

April 15, 2011

Copper surged today, cutting the latest spate of losses as the dollar dropped and equities surged. The Asian markets logged in decent to impressive gains and the DOW futures also gained, currently holding up by more than 70 points. Yesterday, LME Copper ended with its biggest one-day loss in about five weeks, caught in a broad-based commodity rout led by a sharp drop in oil and fears that Japan's nuclear crisis could stall a global recovery.

On Monday, the metal rallied to a five-week peak at $9,944.75, just 2.4% away from its mid-February record at $10,190. The metal drove up today amid a couple of mixed industry specific news. Workers at Codelco's El Teniente copper mine in Chile voted in favor of a wage deal today, averting a strike at the company's second-largest division and easing worries over a probable halt in the production. Meanwhile, the global mining major Rio Tinto Group's copper production fell 14% in the first quarter from a year earlier. Copper futures on COMEX are quoting at $4.39, up 0.18% per pound on the day in the electronic trading.

MCX Copper futures for April tested highs of Rs. 433.55 per kg and currently trade at Rs. 431.25, down Rs. 0.90 on the day or 0.21% on the day. US dollar has lost out to the Euro, falling to a fresh six month low above 1.4500 ahead of the key housing and consumer confidence data due later on today.

(15/04) LME MORNING - Metals mostly decline, pressured by renewed investment sales

April 15, 2011

Base metals were unable to sustain initial tentative upward moves during Wednesday LME morning trading, with most dipping as the uncertain mood that prevailed during Tuesday's sharp sell-off returned.

Prices largely headed back into the minus column, led lower by a sharp fall in copper, with selling again emerging from the systems-based investment sector, traders said.

"(In copper) a few local sell-stops were hit through $9,600. I think Goldman may have put the jitters up a few people," one said.

Sentiment, not only in the base metals, but other key commodities such as precious metals and oil, was knifed yesterday by the worsening nuclear crisis in Japan, signs of waning demand levels in China and the impact of a report by Goldman Sachs advising clients to take profits in commodities sooner rather than later.
Copper, which had been probing back towards $9,700 per tonne, fell to $9,560 at one point, before recovering amid dip buying activity to $9,640, up $10. On Monday, prices hit five-week highs of $9,944.75 and the upside objective remains a re-test of $10,000.

But inventories rose again, up a net 3,225 tonnes to 449,925 tonnes, the highest now since late-June 2010. Cancelled warrants - the metal booked for removal - declined as well after two days of increases. They were down 8.3 percent at 11,500 tonnes.

(15/04) Copper turns weak on global cues

April 15, 2011

Copper prices declined by Rs 2 per kg on the local non-ferrous metal market today on reduced industrial demand, amid weakening global trend.
Traders said fall in industrial demand amid overnight losses at the London Metal Exchange (LME), mainly led to decline in copper prices.
Meanwhile, Copper for three-month delivery shed 0.7 per cent to USD 9,619.75 a tonne on the LME.
In the national capital, copper wire crap, copper wire bar and copper mixed scrap were lower by Rs 2 each to Rs 508, Rs 531 and Rs 492 per kg, respectively.
Following were today''s quotations per kg:
Tin ingot 857, zinc ingot 131.50, nickel plate (4x4) 1,067-1,069, gun metal scrap 226 bell metal scrap 228, copper wire scrap 510, copper wire bar 533, copper mixed scrap 494, Utensil scrap 224, Chadripital 175.
Lead ingot 139, lead imported 141, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.

(15/04) METALS-Shanghai copper to open lower; LME on 3-day losing streak

April 15, 2011

Shanghai copper is seen
opening lower on Thursday, and London copper headed for its
third straight day of losses, on concerns on further tightening
in China and normalisation of monetary policy in key developed
economies.
* Three-month copper on the London Metal Exchange
to $9,455 a tonne by 0041 GMT, on course for a third straight
day of decline.

* When Shanghai closed on Wednesday, LME copper stood at
$9,685.

* The market came under pressure when the Chinese government
vowed to use all tools at its disposal to fight inflation,
heightening fears of more tightening measures.

* LME copper stocks rose for a fifth consecutive session, up
3,225 tonnes to 449,925 tonnes, their highest since end of June
in 2010.

(15/04) Copper Falls a 4th Day in London After China Report: LME Preview

April 15, 2011

Copper fell for a fourth day in London, the longest losing streak since January, after a report that China will take another step to curb inflation, slowing demand from the world’s biggest metals buyer.
China is likely to raise banks’ reserve requirement ratios in the “near future,” the China Securities Journal said in a front- page commentary today.
Copper tube usage in China may grow at a slower pace this year as government incentives end and high prices cut demand, according to Golden Dragon Precise Copper Tube Group Inc., China’s biggest maker.

(15/04) Nonetheless, the price of copper stayed within recent trading bounds. "So I am optimistic about the price in the short term," Yin told the Glo

April 15, 2011

Copper prices fell for the fourth consecutive day on the LME on Thursday morning as traders worried that escalating levels of inflation will trigger a tightening of monetary policy in Europe and China.

Technical levels came into the spotlight for several base metals on Thursday, particularly copper and nickel, which are now testing their all-important 100-day moving averages.

"Failure to remain above the 100 DMA, which we define as two consecutive bearish full-bodied closes, would be an important medium-term bearish signal," FastMarkets analyst Jono Remington Hobbs said.

“We would consider a short-term negative position on a close below $9,400 in a full body negative close, citing $9,263-$9,166 as our initial downside targets,” he added.

China's annual inflation accelerated to 5.3-5.4 percent in March, Reuters reported. The data surpassed market expectations for a 5.2-percent rise in the price of goods and services, fuelling worries that Beijing will raise interest rates yet again.

China’s inspection and crackdown on its banks and their lending processes may be of greater concern to markets.
Copper prices fell for the fourth consecutive day on the LME on Thursday morning as traders worried that escalating levels of inflation will trigger a tightening of monetary policy in Europe and China.

Technical levels came into the spotlight for several base metals on Thursday, particularly copper and nickel, which are now testing their all-important 100-day moving averages.

"Failure to remain above the 100 DMA, which we define as two consecutive bearish full-bodied closes, would be an important medium-term bearish signal," FastMarkets analyst Jono Remington Hobbs said.

“We would consider a short-term negative position on a close below $9,400 in a full body negative close, citing $9,263-$9,166 as our initial downside targets,” he added.

China's annual inflation accelerated to 5.3-5.4 percent in March, Reuters reported. The data surpassed market expectations for a 5.2-percent rise in the price of goods and services, fuelling worries that Beijing will raise interest rates yet again.

China’s inspection and crackdown on its banks and their lending processes may be of greater concern to markets, Fairfax said.

(15/04) Copper futures tumble for 3rd day straight

April 15, 2011

Copper prices on the Shanghai Futures Exchange (SHFE) continued to tumble Thursday, recording the third straight day of losses.

The most active June copper contract fell about 1 percent to 71,150 yuan ($10,892) per ton at the close of trading. The contract opened Thursday morning down 0.7 percent from Wednesday's settlement after prices continued to fall in international markets.

The decline tracked copper futures on the London Metals Exchange (LME) during the previous session, analysts said. The three-month LME copper contract stood at $9,469 per ton Thursday when the SHFE closed in Shanghai. The contract had been trading at $9,675 per ton when the SHFE closed Wednesday.

The market remained concerned about US investment bank Goldman Sachs' recent bet that copper prices will fall, said Yin Chuanxiang, an analyst for Jin Yuan Futures.
Nonetheless, the price of copper stayed within recent trading bounds. "So I am optimistic about the price in the short term," Yin told the Global Times Thursday.Copper on the Changjiang Nonferrous Metals Trading Market, a major spot metals market in Shanghai, traded Thursday at an average price of 71,575 yuan ($10,957) per ton, down 375 yuan ($57.40) from the previous day.

(13/04) Copper prices hit by Japan growth outlook

April 13, 2011

The contract for April delivery fell by 1.7% to $4.3775 a pound on the New York Mercantile Exchange on Tuesday, while the metal for three-month delivery on the London Metal Exchange shed 2.3% marking its biggest drop in over a month.

While prices rebounded slightly on Wednesday morning, they were still treading water and considerably below their previous highs.

The dampening in interest for the base metal followed the announcement that the International Monetary Fund downgraded its growth forecasts for Japan. It now expects the country to grow by 1.4% this year, down from the precious forecast of 1.6%, following the effects of the devastating earthquake, tsunami and nuclear crisis on its economy.

The Japanese government also lowered its assessment of the country's growth prospects, stating that "the economy is showing weakness due to the influence of the Great East Japan Earthquake".
"Markets were rattled by both the rise in severity of the Japanese nuclear situation to the same level as Chernobyl and concerns over crude oil price ascent and its impact on global economic growth," Barclays Capital analyst Nicholas Snowdon explained.

The softening in price comes in the same week that US banking giant Goldman Sachs advised investors to sell a basket of commodities, with a suggestion that the recent rally could be nearing an end.

"We believe that copper will face near-term headwinds as higher oil prices potentially translate into a negative demand shock for the metal and this commodity is exposed to supply chain problems resulting from the earthquakes in Japan.

"Copper also remains vulnerable to slowing observed demand as high prices and tight credit motivate tight inventory management from key consumer China, which tempers the inventory draw we had expected and the risk of price spikes," the bank's analysts said in a note.

(13/04) METALS-Shanghai copper to open weak on London losses; LME rebounds

April 13, 2011

Shanghai copper was expected
to open lower on Wednesday, tracking losses in the previous
session, after Goldman Sachs issued another bearish note on oil
prices and the unfolding nuclear crisis in Japan keeping
investors nervous.

* Three-month copper on the London Metal Exchange
rebounded 0.4 percent to $9,667 a tonne by 0046 GMT, after
posting a 2.3 percent decline in the previous session, its
biggest daily loss in a month.
* When Shanghai closed on Tuesday, LME copper stood at
$9,750.
* The escalation of Japan's nuclear crisis is expected to
keep risk appetite in check, as Goldman Sachs told its clients
that it expected Brent oil to fall back towards $105 a barrel in
coming months after it urged its clients to take profit on
commodities on Monday.

(13/04) Copper Climbs in London After Two Days of Declines: LME Preview

April 13, 2011

Copper rebounded in London after two days of declines.
The Chinese government will probably announce this week that inflation jumped above 5 percent last month, according to Haitong Securities Co. and Central China Securities Co., citing market speculation.
he Japanese government cut its assessment of the economy for the first time in six months after the March 11 earthquake killed more than 12,000 and led to the worst nuclear crisis since Chernobyl.

(13/04) METALS-Copper ends sharply lower amid commods sell-off

April 13, 2011

Copper ended Tuesday
with its biggest one-day loss in about five weeks, caught in a
broad-based commodity rout led by a sharp drop in oil and fears
that Japan's nuclear crisis could stall a global recovery.
Oil traded in New York has surrendered more than 7 percent
of its value in just two days after Goldman Sachs warned for a
second straight day prices in crude oil and other commodities
would fall.
"All of these markets ... aluminum, oil, copper ... all had
big, big runs over the past few weeks. So what we are seeing is
just a sharp pullback," said Adam Sarhan, chief executive of
Sarhan Capital.
The Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, fell nearly 2 percent in its sharpest
one-day decline in a month.
London Metal Exchange three-month copper CMCU3 shed $225,
or nearly 2.3 percent, to close at $9,630 a tonne, its largest
daily decline since March 9.
On Monday, the metal rallied to a 5-week peak at $9,944.75,
just 2.4 percent away from its mid-February record at $10,190.
COMEX May copper HGK1 fell 7.65 cents to settle at
$4.3835 per lb, near the lower end of its $4.3610 to $4.4750
session range.

(13/04) Oil, gold and copper prices down

April 13, 2011

World oil prices slumped for a second straight day on Tuesday after the International Energy Agency warned that recent high prices have hurt global demand for energy.

Advertisement: Story continues below
Selling pressure also got a boost after Goldman Sachs recommended investors cash in their bets on the overinflated commodities markets, arguing that oil prices have less upside potential at this point and could be forcing retail buyers to cut consumption.
London Metal Exchange three-month copper shed $225, or nearly 2.3 per cent, to close at $9,630 a tonne, its largest daily decline since March 9.

On Monday, the metal rallied to a five-week peak at $9,944.75, just 2.4 per cent away from its mid-February record at $10,190.

COMEX May copper fell 7.65 cents to settle at $4.3835 per lb, near the lower end of its $4.3610 to $4.4750 session range.

COMEX trading volumes grew to a hefty 65,800 lots by 2:01 pm EDT (1801 GMT), nearly two-thirds above the 30-day norm, according to Thomson Reuters preliminary data.

Higher inventories of copper in LME warehouses also pressured prices, fanning concerns about sluggish Chinese demand in the first part of the new year.

Stocks have risen since mid-December and last rose 1,000 to 446,700 tonnes, the highest level since July 1.

China's copper imports are unlikely to surge in April after a 29.2 per cent rise in March since importers are worried about high stocks in Shanghai.

(13/04) Questor share tip: Copper price anxieties turn Antofagasta into a sell

April 13, 2011

THE most difficult decision in investing is deciding when to sell. Shares in blue-chip copper play Antofagasta have been sent much higher than expected by soaring copper prices – with expansion projects and its cash pile being further attractions.
There is no doubt that the company is well run and very cash generative – but the shares are susceptible to movements in the price of copper because Antofagasta is a one-commodity company. If there is a correction in the price of copper, there will be a correction in the shares of Antofagasta. Indeed, this has been happening for the past couple of months.
Of course, the supply side with copper is tight – that's why prices have been so strong. Indeed, Antofagasta's Esperanza mine is the only major new copper mine to start in the next three years. However, prices still look close to a peak. The company plans to double output at its operations by 2020. Last year, production came in at 521,100 tonnes of fine copper, a 17.8pc rise compared with 2009.
However, a couple of weeks ago, the company said that it may mine less copper than expected from its Esperanza project this year, as it ramps up operations at a processing plant.

(13/04) METALS-Copper steady on risk appetite; eye on earnings

April 13, 2011

Copper steadied on Wednesday as a round of global risk aversion abated and focus switched to earnings reports for new light on the global economic recovery, while reports of declining output continued to cushion prices.

LME copper traded at $9,630 at 1011 GMT, unchanged form $9,630 at the close on Tuesday.

The metal used in power and construction hit a record high of $10,190 a tonne in February this year.
"Copper continues to struggle to the upside in the absence of fundamental drivers, instead swinging alongside the broader market and getting its cue elsewhere with relatively anaemic spot demand," said VTB Capital in a note.

(12/04) BASE METALS: Base Metals Rise Sharply In Asia, Copper Highest In A Month

April 12, 2011
Base metals on the London Metal Exchange put in robust growth in Asian trade Friday, with copper rising to its highest level in a month, while tin hit a new record as participants shrugged off concerns about China's appetite for industrial raw materials and bet on continued demand for metals.

Copper continued to benefit from bullish statements coming from an industry conference in Chile, the world's biggest producer of the metal, where mining executives predicted renewed demand over the rest of the year.

(12/04) Copper fell for a second day in London on speculation of slowing demand after Japan raised the severity rating of its nuclear crisis to the hi

April 12, 2011


Base metals fell back from fresh bull-cycle highs during Monday LME morning trading as profit-taking set it in after latest advances, while financial markets were also unsettled by news of another earthquake in Japan.

"While [prices] are not exactly over-extended, they could do with a breather and some consolidation - it is just temporary," a trader said.

This morning, a 7.1-magnitude earthquake struck at a depth of 6.2 miles, and hit 102 miles northeast of Tokyo off the north-eastern coast of Japan, which, according to reports, caused some buildings to sway in Tokyo. A tsunami alert has been issued.

For the metals, further gains are expected once profit-taking runs its course as earlier in Asia fresh high points were set for the current phase of the cycle across the board.

Base metals fell back from fresh bull-cycle highs during Monday LME morning trading as profit-taking set it in after latest advances, while financial markets were also unsettled by news of another earthquake in Japan.

"While [prices] are not exactly over-extended, they could do with a breather and some consolidation - it is just temporary," a trader said.

This morning, a 7.1-magnitude earthquake struck at a depth of 6.2 miles, and hit 102 miles northeast of Tokyo off the north-eastern coast of Japan, which, according to reports, caused some buildings to sway in Tokyo. A tsunami alert has been issued.

For the metals, further gains are expected once profit-taking runs its course as earlier in Asia fresh high points were set for the current phase of the cycle across the board.

Base metals fell back from fresh bull-cycle highs during Monday LME morning trading as profit-taking set it in after latest advances, while financial markets were also unsettled by news of another earthquake in Japan.

"While [prices] are not exactly over-extended, they could do with a breather and some consolidation - it is just temporary," a trader said.

This morning, a 7.1-magnitude earthquake struck at a depth of 6.2 miles, and hit 102 miles northeast of Tokyo off the north-eastern coast of Japan, which, according to reports, caused some buildings to sway in Tokyo. A tsunami alert has been issued.

For the metals, further gains are expected once profit-taking runs its course as earlier in Asia fresh high points were set for the current phase of the cycle across the board.

Base metals fell back from fresh bull-cycle highs during Monday LME morning trading as profit-taking set it in after latest advances, while financial markets were also unsettled by news of another earthquake in Japan.

"While [prices] are not exactly over-extended, they could do with a breather and some consolidation - it is just temporary," a trader said.

This morning, a 7.1-magnitude earthquake struck at a depth of 6.2 miles, and hit 102 miles northeast of Tokyo off the north-eastern coast of Japan, which, according to reports, caused some buildings to sway in Tokyo. A tsunami alert has been issued.

For the metals, further gains are expected once profit-taking runs its course as earlier in Asia fresh high points were set for the current phase of the cycle across the board.

Base metals fell back from fresh bull-cycle highs during Monday LME morning trading as profit-taking set it in after latest advances, while financial markets were also unsettled by news of another earthquake in Japan.

"While [prices] are not exactly over-extended, they could do with a breather and some consolidation - it is just temporary," a trader said.

This morning, a 7.1-magnitude earthquake struck at a depth of 6.2 miles, and hit 102 miles northeast of Tokyo off the north-eastern coast of Japan, which, according to reports, caused some buildings to sway in Tokyo. A tsunami alert has been issued.

For the metals, further gains are expected once profit-taking runs its course as earlier in Asia fresh high points were set for the current phase of the cycle across the board.

(12/04) Copper Declines in London on Japan’s Nuclear Crisis: LME Preview

April 12, 2011

Copper fell for a second day in London on speculation of slowing demand after Japan raised the severity rating of its nuclear crisis to the highest, matching the 1986 Chernobyl disaster.

(12/04) LME METALS-Factors to Watch on April 12

April 12, 2011

Copper fell about one percent
on Tuesday, as a recommendation from long-term commodity bull
Goldman Sachs to close long positions in the metal and an
escalating nuclear crisis in Japan weighed.
* Three-month copper CMCU3 on the London Metal Exchange
was trading at $9,764.50 a tonne at 0711 GMT compared with
$9,855 at the close on Monday.
* Copper support was at $9,700 a tonne and resistance at
$10,010. The 14-day RSI was at 56.6.

(12/04) Higher copper prices to hurt equities - Canada fund

April 12, 2011
copper prices around USD 4 per lb are ideal for copper producers and a further sharp rally would hurt the mid term outlook for the sector.

A senior portfolio manager with Canada's largest institutional fund said that copper remains unbeatable when it comes to conducting electricity but around these price levels there are cheaper substitutes for many applications. High prices also encourage scrap metal recycling.

(12/04) Copper Declines in London on Japan’s Nuclear Crisis: LME Preview

April 12, 2011

Copper fell for a second day in London on speculation of slowing demand after Japan raised the severity rating of its nuclear crisis to the highest, matching the 1986 Chernobyl disaster.
Japan’s Economic and Fiscal Policy Minister Kaoru Yosano said the March 11 earthquake may result in a larger hit to the economy than previously seen, indicating a greater appetite for stimulus one month after the disaster.

(12/04) INTERVIEW: Substitution Won't Dent 'Robust' Copper Price - Teck

April 12, 2011

Copper prices will remain firm in the medium term despite the threat of substitution, Teck Resources Ltd.'s (TCK) senior vice president for copper, Roger Higgins, told Dow Jones Newswires.

"We believe that the copper price is robust and it will support our projects. Certainly over the next four to five years production will grow more slowly, so it will be a solid price," Higgins said.

Copper prices have set a fresh all-time record of $4.6285 a pound earlier this year and remain close to those levels amid bullish market expectations of robust demand from China and a shortfall in mine supply.

(12/04) Specs raises net longs in gold, silver; cut copper

April 12, 2011

Speculators in gold and
silver futures and options increased their net long positions
in the week ended April 5 as both metals rallied to new highs,
while they cut their bullish bets in the copper market,
according to the latest report by the U.S. Commodity Futures
Trading Commission.
Copper net longs, however, dropped about a third to near
its lowest level since September as prices slipped 2 percent
during the same period.

(08/04) Morning Copper Market Report for

April 08, 2011

The copper market was able to extend this week's rally during overnight trading, and in the process May copper has reached the highest price level since March 28th. News that Russian exports for the first two months of the year declined significantly versus last year's data was seen as a supportive factor for the market. The Bank of Japan kept Japanese monetary policy unchanged at today's meeting, but started a new loan program for banks in the region of the Sendai earthquake which could help to support Japanese industrial copper demand. Indian copper prices followed the strength seen in Asia earlier in the overnight session, which some traders feel probably helped the US copper market discount a rise in LME copper stocks last night to their highest levels since early July last year. LME Copper Stocks were 442,375 tons, up 1,500 tons.

(08/04) Copper prices climb on global demand expectations

April 08, 2011

Copper prices rose Wednesday on expectations that global demand will remain brisk and supplies will tighten.

Copper prices settled up 2.5 percent, leading most metals higher. Oil rose slightly while other energy and agricultural products were mixed.

The improving global economy is expected to drive more demand this year for copper, which is used in manufacturing an array of products from electronics to construction materials.

While global copper inventories have risen, overall supplies are expected to remain tight, BNP Paribas analyst Stephen Briggs said.
Copper and other commodities benefited from a weaker dollar. Since most commodities are priced in dollars, they become more of a bargain for buyers who use other currencies.

Copper for May delivery rose 10.55 cents to settle at $4.37 a pound. July platinum added $1 to settle at $1,797.80 an ounce while June palladium fell $8.50 to settle at $784.60 an ounce.

(08/04) Thu Apr 7, 2011 4:26pm GMT Print | Single Page [-] Text [+] * European Central Bank hikes interest rate to 1.25 pct * Tin near record high

April 08, 2011

Copper reached its highest price
levels in about two weeks on Thursday after Portugal announced
it would accept a bailout from the European Commission, but then
pared some gains as a new earthquake hit Japan.
Copper for three-month delivery CMCU3 on the London Metal
Exchange (LME) closed at $9,670 a tonne, from a close of $9,605
on Wednesday.
It hit a two-week high at $9,753 a tonne as markets welcomed
debt-ridden Portugal's announcement it would make a formal
request for European aid.
But the metal used in power and construction then slipped
back after an earthquake of magnitude 7.4 shook the northeast of
Japan and a tsunami warning was issued for the coast, already
devastated by last month's quake and tsunami. [ID:nL3E7F72Y2]
"It is quite surprising that the market has not moved more,"
said Kryuchenkov.
Copper was little changed after data showed that new U.S.
claims for unemployment benefits fell by slightly more than
expected last week, pointing to firming labour market
conditions.

(08/04) Copper May Decline on China Import Speculation, Survey Shows

April 08, 2011

Copper may fall on speculation figures for imports of the metal last month into China, the world’s biggest consumer, might signal tepid demand, a survey showed.

Eight of 16 analysts, investors and traders surveyed by Bloomberg, or 50 percent, said prices will drop next week. Five predicted a gain and three expected little change. Copper for delivery in three months was up 3.4 percent for this week at $9,682 a metric ton at 5 p.m. yesterday on the London Metal Exchange.

Chinese imports of copper and products in February were the lowest since January 2009 at 235,469 tons, customs data showed last month. That was a 35 percent drop from January. Figures for March shipments are scheduled for release on April 10.

(02/04) METALS-Copper ends 1st quarter down on slack China demand

April 02, 2011

Copper closed slightly higher on
Thursday but ended the first quarter of 2011 with a 2.4 percent quarterly loss,
its first such decline since the second quarter of 2010, as concerns about
softer Chinese demand and rising warehouse stocks weighed on sentiment.
Traders cited book squaring and the weak dollar for Thursday's higher
close. For the quarter, copper diverged from the broader base metals complex,
with tin CMSN3 rallying 18.3 percent, aluminium CMAL3 up 7.2 percent, and
lead CMPB3 and nickel CMNI3 each about 5 percent firmer.
Copper prices are off more than 7 percent from their record highs hit last
month at $10,190 per tonne in London and $4.6575 per lb in New York. With
sustained softness in Chinese buying and a buildup in London warehouse stocks,
prices are expected to remain weak in the near-term.
London Metal Exchange (LME) copper for three-months delivery CMCU3 rose
$49 for the day to end at $9,430 a tonne. For the quarter, that was down 2.4
percent from the final three months of 2010, its first quarterly loss since
June.
COMEX May copper HGK1 settled up 3.35 cents at $4.3075 per lb. It
finished the quarter down 3 percent.

(02/04) BASE METALS: Shanghai Metals Narrow Gains Ahead Of Holiday

April 02, 2011

Base metals on the Shanghai Futures Exchange settled mostly higher Friday, although profit-taking ahead of a long weekend narrowed some early gains.

Data showing a moderate rebound in Chinese manufacturing in March didn't trigger much buying in metals, as the rises in purchasing managers indexes indicated that inflation remains high and there is still room for Beijing to implement more tightening measures.

(02/04) UPDATE 1-LME copper falls 2.4 pct in 1st quarter, aluminium up

April 02, 2011

Copper fell 2.4 percent in the first quarter of the year, its first quarterly loss since June, dented by slowing demand from China and rising inventories in warehouses.
Aluminium rose 7.2 percent and tin surged 18.3 percent. Lead and nickel also rose in the quarter to the end of March, while zinc fell.
LME copper ended the first quarter at $9,430 per tonne versus $9,660 at the end of the last quarter on Dec. 31, 2010. The metal used in power and construction is more than 7 percent off the record high $10,190 it hit last month.
"The Chinese market has hit a soft spot lately, reflected in the sharp fall of physical premiums and more metal delivered in LME and Shanghai warehouses," said Duncan Hobbs, an analyst at Macquarie. "All these things reflect that the market is definitely soft at the moment."
China's imports of refined copper tumbled 36 percent to a 27-month low in February as demand dwindled. Compounding concerns about weak physical demand, latest data shows stocks of copper rose 125 tonnes to a total 439,850 tonnes after steadily climbing since December. Since Japan's earthquake and tsunami, copper has gained some support from investors shifting their focus to the country's need to rebuild infrastructure.

(02/04) LME Business to Benefit From China's ‘Massive’ Expansion

April 02, 2011
London Metal Exchange business will be “good” this year with China the world’s largest buyer of industrial metals, still in expansion, Chief Executive Officer Martin Abbott said.

Average daily trading in LME futures and options climbed 15 percent in the first quarter from a year earlier, Abbott said in an interview in London today. Trading last year rose 7.4 percent to a record 120.3 million lots worth $11.6 trillion.
The LME index of six metals jumped 24 percent last year and almost doubled in 2009 as the global economy recovered from its steepest slump since World War II. Aluminum is up 6.9 percent this year, tin rose 18 percent and copper dropped 1.3 percent.
The Shanghai Futures Exchange, which also offers trading in copper, aluminum and other industrial metals, is not considered a “short-term threat,” he said. “They obviously have grown very fast from a low base but we’ve also been growing,” he said.

(02/04) Copper gains on Chinese manufacturing data

April 02, 2011


With manufacturing in China picking up pace for the first time in four months, copper rose on the LME paring a first-quarter price decline. The metal had lost 1.8% in the January-to-March period.

LME three month copper climbed as much as 0.6% to touch $9,480 per metric ton, and was seen trading at $9,474 at 10:24 a.m. in Singapore.

Comex copper in New York maintained $4.3075 a pound, even as June contract on the Shanghai Futures Exchange climbed 0.4 % to 70,970 yuan ($10,840) a ton.

Global copper market may experience a deficit of 435,000-tons, according to International Copper Study Group.

(02/04) Base metals were lower on the London Metal Exchange in Asia Friday, with tepid China PMI readings failing to spark any buying interest. Volum

April 02, 2011

Base metals continued to trend to the downside in Friday early morning business, still pressured by concerns over future demand levels and wider macroeconomic and geopolitical strife.

Bellwether copper was last trading at $9,359.75 per tonne, down $70.25 from the Thursday close, with the red metal retracing amid worries of consumption levels from Asia.

"It will be interesting to see if China will come back as a buyer during the next quarter," broker Triland Metals said. "So far there is no sign for this."

Conflicting opinions over the extent of future Chinese and Japanese metals demand is continuing to pressure the base metals complex, with disappointing data released from Beijing overnight exacerbating these concerns.

China's official manufacturing PMI for March came in at 53.4, rising from 52.2 in the previous month but below a forecast of 54.6. An alternate PMI for China compiled by HSBC came in at 51.8, falling from 52.5 in February.

Elsewhere, in the latest chapter of the lingering sovereign debt saga in Europe, yesterday a 24 billion euro ($34.1 billion) black hole was found in the Irish banking sector following the release of stress test results there.

(02/04) BASE METALS: LME Metals Slip In Asia; Thin Volumes

April 02, 2011

Base metals were lower on the London Metal Exchange in Asia Friday, with tepid China PMI readings failing to spark any buying interest.

Volumes were again thin, and there were no other obvious catalysts, with equity markets subdued by an overnight jump in oil prices and a