Copper Updates

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

2011-04-18T05:31:00.000-07:00

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

2011-04-18T05:30:00.001-07:00

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

2011-04-18T05:29:00.003-07:00

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

2011-04-18T05:28:00.001-07:00

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

2011-04-18T05:27:00.000-07:00

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

2011-04-18T05:26:00.000-07:00

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

2011-04-15T06:09:00.000-07:00

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

2011-04-15T06:08:00.000-07:00

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

2011-04-15T05:58:00.000-07:00

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

2011-04-15T05:56:00.000-07:00

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

2011-04-15T05:42:00.002-07:00

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

2011-04-15T05:42:00.001-07:00

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

2011-04-15T05:41:00.000-07:00

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

2011-04-15T05:40:00.001-07:00

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

2011-04-15T05:39:00.000-07:00

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

2011-04-15T05:32:00.000-07:00

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

2011-04-13T07:19:00.000-07:00

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

2011-04-13T07:08:00.000-07:00

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

2011-04-13T07:05:00.000-07:00

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

2011-04-13T07:02:00.000-07:00

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

2011-04-13T07:01:00.001-07:00

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

2011-04-13T06:59:00.000-07:00

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

2011-04-13T06:58:00.000-07:00

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

2011-04-12T05:35:00.001-07:00

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

2011-04-12T05:33:00.000-07:00

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

2011-04-12T05:32:00.000-07:00

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

2011-04-12T05:31:00.002-07:00

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

2011-04-12T05:31:00.001-07:00

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

2011-04-12T05:30:00.000-07:00

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

2011-04-12T05:29:00.000-07:00

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

2011-04-12T05:24:00.000-07:00

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

2011-04-08T05:28:00.000-07:00

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

2011-04-08T05:25:00.000-07:00

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

2011-04-08T05:22:00.000-07:00

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

2011-04-08T05:14:00.001-07:00

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

2011-04-02T04:55:00.001-07:00

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

2011-04-02T04:54:00.000-07:00

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

2011-04-02T04:50:00.000-07:00

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

2011-04-02T04:48:00.000-07:00

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

2011-04-02T04:47:00.000-07:00

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

2011-04-02T04:46:00.000-07:00

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

2011-04-02T04:45:00.001-07:00

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

(31/03) METALS-Copper steady before end-quarter; Mideast, Japan weigh

2011-03-31T05:38:00.000-07:00

March 31, 2011

London copper held steady on
Wednesday ahead of the end of the quarter and investors
exercised caution amid ongoing crises in the Middle East and
Japan.
Concerns on demand from top copper buyer China linger, as
high stockpiles are likely to curb buying for the time being.
"There is nothing exciting in the market," said a
Shanghai-based trader, "Unless we see heavyweight news, trading
will remain thin in the next couple of days as the first quarter
comes to an end."
Three-month copper on the London Metal Exchange
edged down $4.5 to $9,585.50 a tonne by 0701 GMT. Shanghai's
most-active copper futures contract SCFcv1 gained 0.7 percent
to 71,300 yuan.

(31/03) Copper futures marginally up on global cues

2011-03-31T05:37:00.000-07:00

March 31, 2011

In restricted activity, copper futures prices recovered by 0.34 per cent to Rs 425 per kg today as speculators enlarged their positions amid a slightly better trend at the London Metal Exchange (LME).

Firm trend at the spot markets on the back of pick-up in industrial demand also influenced copper futures prices here.

At the Multi Commodity Exchange , copper futures prices for delivery in April rose by Rs 1.45, or 0.34 per cent, to Rs 425 per kg, with a business turnover of 3,123 lots.

It had lost 2.1 per cent to Rs 423.55 per kg in the previous session.

Likewise, the metal for delivery in June gained Rs 1.35, or 0.31 per cent, to Rs 430.85 per kg, with a business turnover of 247 lots.

(31/03) METALS-Copper up, but on course for first qtrly loss since mid-2010

2011-03-31T05:35:00.000-07:00

March 31, 2011

Base metals traded at mixed levels on the LME on Thursday morning, with a tentative dollar-based recovery losing its way as choppy conditions developed as the first quarter ends today.

The dollar retreated as the morning wore on, settling around 1.4220 against the euro, but metals were unable to sustain initial rises, with copper falling back some $50 from its $9,460 peak.

Base metals traded at mixed levels on the LME on Thursday morning, with a tentative dollar-based recovery losing its way as choppy conditions developed as the first quarter ends today.

The dollar retreated as the morning wore on, settling around 1.4220 against the euro, but metals were unable to sustain initial rises, with copper falling back some $50 from its $9,460 peak.

Base metals traded at mixed levels on the LME on Thursday morning, with a tentative dollar-based recovery losing its way as choppy conditions developed as the first quarter ends today.

The dollar retreated as the morning wore on, settling around 1.4220 against the euro, but metals were unable to sustain initial rises, with copper falling back some $50 from its $9,460 peak.

Base metals traded at mixed levels on the LME on Thursday morning, with a tentative dollar-based recovery losing its way as choppy conditions developed as the first quarter ends today.

The dollar retreated as the morning wore on, settling around 1.4220 against the euro, but metals were unable to sustain initial rises, with copper falling back some $50 from its $9,460 peak.

(31/03) Copper Caps Longest Slump Since June as Global Growth May Slow

2011-03-31T05:29:00.000-07:00

March 31, 2011

Copper fell for a fifth day in New York, capping the longest slump since early June, as Japan struggled to contain the worst nuclear disaster in 25 years, fanning concern that global growth will slow.

European confidence in the economic outlook worsened in March as surging energy costs and Japan’s crisis clouded world growth prospects, the European Commission said today. Sentiment among U.S. consumers dropped to a three-month low, a report showed yesterday. Copper is heading its first quarterly decline since June 30.
Copper futures for May delivery dropped 7.25 cents, or 1.7 percent, to close at $4.274 a pound at 1:21 p.m. on the Comex in New York, the biggest loss since March 9. The price has slumped 3.9 percent this quarter.

(31/03) Copper Falls on Concerns About Global Demand

2011-03-31T05:28:00.000-07:00

March 31, 2011

Copper prices lost ground Wednesday as global events such as Japan's crisis renewed concerns about demand in the next few months.

Copper for May delivery fell 7.25 cents to settle at $4.274 a pound. The price has fallen nearly 5 percent since March 1.

Investors question whether copper demand will soften with Japan's recovery from the earthquake and tsunami, Europe's ongoing financial problems and rising oil prices, CPM Group analyst Carlos Sanchez said.
Copper is used in manufacturing a variety of consumer products, from construction materials to electronics and some auto parts.

Thousands of factories in Japan were idled by tsunami damage and power disruptions after the devastating earthquake earlier this month. That has left shortages of auto parts and technology components.

Meanwhile, Portugal's borrowing rates continued to rise, which could weaken market confidence in the region's ability to resolve the crisis. Europe already has arranged multi-billion dollar bailouts for Greece and Ireland.

(31/03) Copper Falls on Concerns About Global Demand

2011-03-31T05:25:00.000-07:00

(31/03) Copper theft falls to R16,5m in February after January spike

2011-03-31T05:24:00.001-07:00

March 31, 2011

Copper theft levels decreased to R16,5-million in February, after spiking to R20,5-million in January, according to the South African Chamber of Commerce and Industry (Sacci) copper theft barometer.

The theft levels were fairly stable at between R16-million and R18-million a month for the period June to December 2010, and amounted to R259-million during 2010. However, Sacci reported that a consistent trend remained illusive, despite the ongoing efforts of the affected organisations and law enforcement agencies to identify a trend.

The barometer measures and monitors the copper cable theft experiences of Transnet, Telkom, and Eskom on a monthly basis to raise general awareness of the problem, engage public participation in combating it and encourage individuals to be ambassadors for the antitheft campaign.

The industry body believed that the variation in the global copper price was a key contributor to the decline in theft activity from January to February 2011. From mid-December 2010 to January 2011, the global copper price hovered between $9 500/t and $10 000/t, while it was in the range of $9 000/t to $9 500/t from February to March 2011.

(31/03) METALS-Copper crumbles amid Chinese demand doubts

2011-03-31T05:21:00.000-07:00

March 31, 2011

Copper prices ended
sharply lower on Wednesday, on pace for their biggest monthly
decline since June 2010, as weaker demand cues from China and
fears about a moderation in the global economic recovery kept
many bulls sidelined.
Chinese monetary tightening measures, coupled with unrest
in the Middle East, rising oil prices, euro zone debt problems
and Japan's nuclear crisis have all combined to throw the
magnitude of the global economic recovery into question, and
with it, demand for raw materials.
As a result, copper prices have responded, falling more
than 12 percent from their mid-February peaks at $10,190 per
tonne in London and $4.6575 per lb in New York, before
recovering to stand in aimless ranges at quarter's end.
"From a fundamental standpoint, it's leading a lot of
people to question whether or not they want to remain long
copper going into a new quarter," said Adam Sarhan, chief
executive of Sarhan Capital in New York.
London Metal Exchange copper for three-month delivery
CMCU3 dropped $209 to close at $9,381 a tonne, on track for a
5 percent fall in March, its first monthly decline since June
2010.
U.S. copper HGK1 followed suit, extending a downtrend in
place since mid-February before running into some technical
support near its 100-day simple moving average.

(30/03) METALS-Dim demand prospects drag copper to lower close

2011-03-30T05:24:00.000-07:00

March 30, 2011

Copper suffered its
biggest one-day loss in about three weeks on Monday, as concerns
about sustained softness in Chinese buying and rising inventory
levels continued to hold investment demand back.
Since hitting record highs at $10,190 per tonne in London and
$4.6575 per lb in New York last month, prices surrendered as much
as 12 percent of their value before settling into an aimless range
over the last few sessions, awaiting any sign of life in the
physical market, analysts said.
COMEX May copper HGK1 copper shed 6.90 cents or 1.56 percent
to settle at $4.35 per lb.
Trading volumes remained thin as lingering worries about
unrest in the Middle East and Japan's nuclear disaster pushed many
investors to the sidelines.
COMEX copper futures volumes slowed to 28,926 lots at 2:08
p.m. EDT (1908 GMT), about 40 percent below the 30-day norm,
Thomson Reuters preliminary data showed.

(30/03) Kazakhmys profits jump on high copper price

2011-03-30T05:23:00.000-07:00

March 30, 2011

Revenues in the year to December rose to $3.2bn from $2.4bn after strong demand for copper saw the company's average selling price rise by 50pc to $7,523 a tonne. However, the company warned that cost pressures had increased over the course of the year.
Costs are expected to continue to rise in 2011, in part caused by the appreciation of the Kazakh tenge against the dollar.
The numbers include profits from its 26pc stake in Kazakh mining peer Eurasian Natural Resources (ENRC). Earlier this month, Oleg Novachuk, Kazakhmys chief executive, said he was exploring "strategic options" for the ENRC stake. At today's price, the stake is worth about £3.1bn.

(30/03) Nickel and copper decline on global cues

2011-03-30T05:21:00.001-07:00

March 30, 2011

copper prices declined in an otherwise lackluster nonferrous metal market on stockiest offering amidst bearish trend in London Metal Exchange.

Meanwhile, tin prices firmed up on better offtake from alloy industries. The industrial metals moved down at LME on speculative trade on the back lower US economic data and Europe's credit crises amidst weakening Chinese demand. Nickel prices dropped by INR 10 per kilo to INR 1,345 from overnight closing level of INR 1,355.

Copper utensils scrap edged down by INR 2 per kilo to INR 426 as against INR 428. Copper cable scrap and copper wire bar both softened by a rupee per kilo to INR 473 and INR 501 respectively. However, tin prices gained by INR 5 per kilo to INR 1,595 as compared to INR 1,590.

(30/03) LME copper up 0.3 pct, ShFE steady; eyes data deluge

2011-03-30T05:20:00.000-07:00

March 30, 2011

Copper prices rose in London
on Monday, extending last week's 1.8 percent rise and Shanghai
was steady, following strong U.S, GDP data ahead of the end of
the quarter and key employment and business activity data at the
end of the month.

* Three-month copper on the London Metal Exchange
rose $25 to $9,710 a tonne by 0110 GMT. The market is heading
for a rise of 1.2 percent for the quarter, having plumbed a
three-month low of $8,944.50 in the week following the March 11
earthquake and tsunami in Japan.
* Shanghai's most-active copper futures contract, June
SCFcv1, rose 80 yuan to 72,440 yuan a tonne.

(30/03) Europe copper premiums claw back from 2 year lows

2011-03-30T05:19:00.001-07:00

March 30, 2011

European premiums for physical copper rose this week, clawing back from 2 year lows as traders said demand was perking up and that gains looked set to increase in the traditionally stronger Q2.

Traders quoted the premium for grade A copper in Rotterdam at USD 50 per tonne to USD 60 per tonne. This premium, paid above the London Metal Exchange (LME) cash contract price was at USD 40 per tonne to USD 70 per tonne last week its lowest level since the Q1 of 2009 and compared with USD 95 to USD 105 in mid January.

(30/03) LME ASIAN WRAP: Copper slips below $9,600 on demand worries

2011-03-30T05:18:00.000-07:00

March 30, 2011

Copper fell back to below $9,600 on the London Metals Exchange in early Asian trading on Monday on a higher US dollar and lower than expected US consumer confidence index. Three-month copper traded as low as $9,585.25 per tonne, down 1.2% from opening and 1.5% from officials. The US consumer confidence index for March was revised downwards to 67.5 points.

(30/03) LME METALS-Factors

2011-03-30T05:17:00.000-07:00

March 30, 2011

Copper fell on Monday, paring
last week's 1.8 percent rise, tracking losses in equity markets
and pressured by worries about near-term Chinese demand for
industrial raw materials.
* Three-month copper CMCU3 on the London Metal Exchange
was trading at $9,580.25 a tonne at 0647 GMT compared with
$9,685 at the close on Friday.

(30/03) METALS-Copper steady; firm euro supports, China buyers absent

2011-03-30T05:16:00.000-07:00

March 30, 2011

Copper prices were steady in
London and Shanghai on Tuesday, underpinned by a firmer euro,
but both markets faced pressure from nagging worries about the
timing of restocking by Chinese consumers.
Three-month copper on the London Metal Exchange fell
$2.50 to $9,532.50 a tonne by 0702 GMT, with near-term sentiment
supported by a small fall in the dollar versus the euro to
$1.4120.
LME copper
traded at a premium of some 2,340 yuan to its Shanghai
equivalent, accounting for China's 17 percent value-added tax.

(30/03) Gold, copper and crude oil trade lower

2011-03-30T05:15:00.001-07:00

March 30, 2011

French consumer spending rose more-than-expected by 0.9 percent in February as against decline of 0.3 percent in the prior month. Markets had predicted spending to increase by 0.6 percent in February. German consumer sentiment index dropped as expected to 5.9 in March from the previous 6.0 level in February.
We expect gold to trade lower today; mainly due to ECB’s rate hike view. But sharp declines will be cushioned mainly tracking troubled global markets sentiments and geo-political tensions, making gold attractive as a safe-haven investment. Crude oil prices are expected to come under pressure today, mainly on account of dollar strength and poor sentiments in the global financial markets. Base metals are expected to trade lower today, mainly tracking weak market sentiments, geo-political worries and strength in the US dollar.

(30/03) METALS-Copper tracks rising equities to firmer finish

2011-03-30T05:13:00.000-07:00

March 30, 2011
Copper bounced from a one-week low to
end up on Tuesday, as supportive technicals and a rise in equities helped the
red metal snap a three-day losing streak, albeit in ongoing thin trading.
Aluminium rose to a 2-1/2-year high as further turmoil in the Middle East
fueled expectations of rising costs for the power-intensive metal.
Despite copper's positive turnaround, the move lacked conviction as seen by
the drop-off in trading volume over the past few weeks -- a development that
should remain in place until the end of the month and quarter, analysts said.
London Metal Exchange (LME) three-month copper CMCU3 closed up $55 at
$9,590 a tonne, rebounding from a one-week low at $9,429.50.
COMEX copper HGK1 failed to sustain its late gains, easing 0.35 cent to
settle at $4.3465 per lb, after running into some technical through its 20-day
moving average at $4.3269.

Copper prices are down about 6 percent from their mid-February records at
$10,190 per tonne in London and $4.6575 per lb in New York, as rising LME
warehouse stocks and slack physical demand, especially from China, threw into
question market-wide forecasts for a production deficit in 2011.

(30/03) Copper May Rise in London Before U.S. Jobs Report: LME Preview

2011-03-30T05:12:00.000-07:00

March 30, 2011

Copper may rise in London before a U.S. industry report by ADP Employer Services that may show companies added more workers this month, signaling growth in the world’s biggest economy.

Japan’s industrial production unexpectedly rose in February, another sign that the economy was recovering before the nation’s strongest earthquake this month shut factories and caused power shortages.
Jiangxi Copper Co., China’s biggest producer, gained the most in six weeks in Hong Kong trading after saying first-quarter profit may more than double.

(26/03) Nickel, copper decline on global cues

2011-03-26T05:25:00.002-07:00

March 26, 2011
Nickel and select copper prices declined in an otherwise lacklustre non-ferrous metal market here today on stockists offering amidst bearish trend in London Metal Exchange (LME).

Meanwhile, tin prices firmed up on better offtake from alloy industries.
The industrial metals moved down at LME on speculative trade on the back lower US economic data and Europe's credit crises amidst weakening chinese demand.

Nickel prices dropped by Rs 10 per kilo to Rs 1,345 from overnight closing level of Rs 1,355.

Copper utensils scrap edged down by Rs 2 per kilo to Rs 426 as against Rs 428. Copper cable scrap and copper wire bar both softened by a rupee per kilo to Rs 473 and Rs 501 respectively.

However, tin prices gained by Rs 5 per kilo to Rs 1,595 as compared to Rs 1,590 yesterday.

(26/03) Copper future shines on global footprints

2011-03-26T05:25:00.001-07:00

March 26, 2011

In last week after a brief decline, Copper future soared with positive bias in market. Copper price have given some bottom fishing in global market.

This week was one of promising weeks for gain in all industrial metal including Zinc, Nickel and other metals. In local market price was trading with positive sentiment from beginning of week.

After series of fall in metal price, metal traders got relief by earning handsome profit in current week. Traders seem to be interested in buying this metal at lower rate. Positive Global cue and stockpiles also play important roll to bust price in from bottom.

MCX Copper March delivery contract rose by 0.20 percent to 440.30 per Kilogram. Copper futures climb to week high along with positive movement in other Industry metals.

(26/03) Rising Copper Prices are Good News for Aluminum Producer Alcoa

2011-03-26T05:23:00.004-07:00

March 26, 2011

The world leader in the production and management of primary aluminum, fabricated aluminum and alumina, has very good reason to rejoice with rising copper prices. This is because aluminum is generally accepted as a cheaper substitute to copper in many applications, and many manufacturers are seriously considering switching to aluminum with copper reaching all-time high prices early this year.
Copper is primarily used in electrical appliances and construction. It is used widely in electrical appliances because it is an excellent conductor of electricity. Notably, about 65% of copper usage is attributable to electrical appliances.
Construction applications make up the bulk of the remaining share of copper usage – the metal is often used for roofing and plumbing in addition to its use in automobile and ship manufacturing.

Copper prices are currently at an all-time high, above $4.5 per pound.

(26/03) Copper price threatens to stifle industry innovation - Luvata

2011-03-26T05:23:00.003-07:00

March 26, 2011

copper prices are threatening to stifle the innovation needed for the industry to take advantage of the biggest growth opportunity in decades.

Mr Justin Roux senior VP of communications at Luvata said that a surging world population and growing affluence in the developing and developed world would drive demand for copper products over coming years.

(25/03) Morning Copper Market Report

2011-03-25T06:07:00.000-07:00

March 25, 2011

May copper prices posted moderate gains during overnight trading, and reached the highest prices level since March 7th. The market was seen as finding support from yesterday's copper trade group report projecting a 2010 global supply deficit, as well as embracing ideas that Japanese rebuilding efforts would be strong enough to offset slowing demand in China. US New Home Sales numbers yesterday reaching record low levels and news of a Japanese automaker halting some production at US plants due to parts shortages were seen as negative factors for the copper market. The Japanese Trade surplus during February was 654 billion Yen, a smaller surplus than expected which may project even weaker Japanese industrial copper demand after the Sendai earthquake. LME Copper Stocks were 434,625 tons, up 475 tons.

(25/03) METALS-LME copper flat, ShFE rises 0.5 pct; on track to end week firm

2011-03-25T06:06:00.000-07:00

March 25, 2011

Copper prices were flat in
London on Friday, but Shanghai rose half a percent with both
markets on track for modest monthly gains, having recovered from
the blow to near-term sentiment caused by Japan's earthquake.
* Three-month copper on the London Metal Exchange
fell $5.25 to $9,708.75 a tonne by 0121 GMT. The market us
heading for a weekly rise of 2 percent, having plumbed a
three-month low of $8,944.50, in the week following the March 11
earthquake and tsunami.
Shanghai's most-active copper futures contract, June
, rose 370 yuan to 72,780 yuan a tonne.
* The U.S. Commerce Department said durable goods orders
fell 0.9 percent after an upwardly revised 3.6 percent rise in
January. Economists polled by Reuters had expected a 1.1 percent
increase after January's rise, which was initially reported at
2.7 percent.

(25/03) METALS-LME copper falls 0.2 pct, ShFE flat; on track to end week firm

2011-03-25T06:05:00.000-07:00

March 25, 2011

Copper prices fell 0.2
percent in London on Friday and Shanghai ended flat with both
markets on track for modest weekly gains, having recovered from
the blow to near-term sentiment caused by Japan's earthquake.
Three-month copper on the London Metal Exchange fell
$14.75 to $9,700.25 a tonne by 0717 GMT. The market is heading
for a weekly rise of 2 percent, having plumbed a near-three
month low of $8,944.50, in the week following the March 11
earthquake and tsunami.

LME stocks stand at just under 435,000 tonnes, their highest
since mid-2010, Shanghai stocks CU-STX-SGH at 177,000 tonnes
are their greatest since May last year and stocks on COMEX
HG-STXTW-STX at 75,000 tonnes are near their highest since
September last year -- with total exchange stocks just short of
700,000 tonnes.

(25/03) LME METALS-Factors to watch on March 25

2011-03-25T06:04:00.000-07:00

March 25, 2011

Copper prices were flat on
Friday and on track for modest gains for the week, having
recovered from the blow to near-term sentiment caused by Japan's
earthquake.
* Stocks rose as optimism about company earnings encouraged
foreign buyers back into Asian markets.

(24/03) BASE METALS: Copper Soars As Technical Trade Trumps Sour Data

2011-03-24T05:51:00.000-07:00

March 24, 2011

Copper prices settled at a two-week high Wednesday, as a surge of technical trading was unswayed by sharply weaker U.S. economic data.

The most actively traded contract, for May delivery, settled up 2.7%, or 11.55 cents, at $4.4285 a pound on the Comex division of the New York Mercantile Exchange.

The thinly traded March delivery contract was up 2.7%, or 11.5 cents, at $4.4185 per pound.

Technical trading dominated the market Wednesday, with copper prices marching above the 50-day moving average early in the session. Crossing above this level signals ..

(24/03) Copper Enters the No-Fly Zone

2011-03-24T05:50:00.000-07:00

March 24, 2011

There's nothing quite like a natural catastrophe and war in the Middle East to mess up your forecasts.

On Valentine's Day, copper enthusiasts got something much better than a bunch of roses: The red metal closed on Comex at an all-time high of $4.62 a pound. It promptly fell 11% over the following month and remains below the peak despite a recovery over the past week or so.

The proximate cause is the recent jump in oil prices. Since market panic after Lehman Brothers' collapse, copper has marched upward pretty much in lockstep with oil prices

(24/03) Freeport sees improved copper demand

2011-03-24T05:49:00.000-07:00

March 24, 2011

The U.S. economy is improving steadily and helping drive copper prices to historic highs, the head of the world's largest publicly traded copper producer said on Wednesday.
In addition, Freeport has the balance sheet to handle a large acquisition, but Adkerson stressed its strategy is on internal growth.

Freeport's stock has doubled in the past year as gold and other metal prices soared, and it rose 5.16 percent to $54.98 on Wednesday afternoon on the New York Stock Exchange. Copper was up 2 percent at $4.41 a pound.

Asked about the outlook for copper, Adkerson declined to speculate on whether the metal's price was headed higher than its record in February of $4.64 a pound. But he did say: "Over a long period of time ... the world is going to need lots of copper.
Freeport, which mines in the southwestern United States, South America, Indonesia and Africa, grew to become the world's largest publicly traded copper miner by buying larger rival Phelps Dodge for nearly $26 billion in 2007.

Asked if it was in the market for another acquisition, Adkerson said Freeport had the balance sheet to support a big deal although he doesn't expect to buy any rivals soon.

(24/03) METALS-Shanghai lead jumps 6 pct at debut, LME copper eases

2011-03-24T05:47:00.000-07:00

March 24, 2011

Shanghai lead futures jumped
more than 6 percent in an explosive debut that saw more than
200,000 tonnes of metal change hands in less than 20 minutes.
Three-month copper on the London Metal Exchange fell
half a percent to $9,675 a tonne by 0704 GMT, after rallying 2
percent to a two-week high in the previous session.
But it was Shanghai's new lead contract that stole
the show, rallying by as much as 6.7 percent to 19,570 yuan
($2,984), in heavy trade that also helped push turnover in LME
lead up much higher than normal.
"The bigger lot size of the new contract hasn't been much of
a barrier for investors. Everyone got stuck in, attracted to
very low starting price set by the Exchange," said a trader in
Shanghai.
The exchange's plan to set the lot size at 25 tonnes -- five
times that of its existing copper, aluminium and zinc contracts
-- was an attempt to allay regulators' concerns about the extent
of speculation in commodity markets.
Volume for the day totalled more than 73,000 lots,
equivalent to over 900,000 tonnes of metal. Open interest at the
close was equivalent to 112,000 tonnes.
LME volume was also brisk with more than 27,000 tonnes of
metal trading.
While the U.S economy is far from thundering along, it is
gathering steam, said Adkerson, the head of the world's largest
publicly traded copper miner.

(24/03) METALS-Copper ends up over 2 pct on bullish demand views

2011-03-24T05:39:00.000-07:00

March 24, 2011

Copper prices climbed
more than 2 percent on Wednesday to their highest level in two
weeks, shrugging off dismal U.S. housing data and rallying in
tandem with broader industrial commodity strength.
The prospect of reconstruction efforts in Japan following
the country's largest-ever earthquake and subsequent tsunami
and nuclear crisis, against a backdrop of tightening supplies,
continued to keep some base metals buoyant, even as the
economic impact from the disaster remained uncertain.
London Metal Exchange lead CMPB3 is up more than 15
percent since the March 11 earthquake, and is approaching a
near three-year peak.
LME benchmark copper CMCU3 closed up $237 at $9,727 a
tonne, near an earlier-session peak at $9,740, its loftiest
level since March 7. In New York, May copper HGK1 jumped
11.55 cents, or 2.7 percent, to settle at $4.4285 per lb.
Ralph Preston, futures analyst with HeritageWestFutures.com
in San Diego, California, said the contract's breach of the
50-day moving average at $4.40 per lb was an indication that
the market could have further technical momentum in the days
ahead.

(24/03) LME OPEN - Base metals mixed as euro woes stem rises; Japanese supply, demand outlook supports

2011-03-24T05:36:00.000-07:00

March 24, 2011

Base metals were mixed in early Thursday business, shaken by news of fresh economic woe in the eurozone following the resignation of Portuguese Prime Minister Socrates, but looking primed for fresh gains on expectations of supply and demand issues affecting Japan.

Benchmark copper was last seen at $9,713 per tonne, down $14. The red metal had risen to its most expensive in more than two weeks at $9,750 in the previous session.

"The market focus seems to have already shifted to the expected demand boost from reconstruction efforts in Japan, sidelining more short-term related demand concerns," broker Credit Suisse noted.
"The big test for the complex though will be if copper can reclaim the $10,000 per tonne mark or whether the metals up into profit taking as ongoing radiation concerns delay the rebuilding timescale in Japan," he added.

On the macroeconomic front, Portuguese Prime Minster Jose Socrates resigned last night after lawmakers yesterday rejected the proposed deficit-reduction plan, a development that could potentially push the beleaguered country towards requesting a financial bailout.

(23/03) METALS-Copper gains capped by near-terms worries; miners bullish

2011-03-23T05:57:00.000-07:00

March 23, 2011

Copper prices rose in London
and Shanghai on Wednesday after bullish comments from mining
executives on the metal's outlook, but gains were checked by
near-term worries about Chinese demand and geopolitical tension
in the Middle East and North Africa.

Three-month copper on the London Metal Exchange rose
$27 to $9,517 a tonne by 0338 GMT, while Shanghai's most-active
copper futures contract, June , rose 660 yuan to 71,940
yuan a tonne.
Market worries over slower Chinese demand for base metals in
the first quarter of the year persisted, following a slide in
imports in February.
China doesn't need copper right now -- they are stuffed.
The arbitrage is shut and that won't change until those bonded
stocks have come down," said a trader in Sydney. LME copper
traded at a premium of 1,100 yuan to Shanghai, accounting for
China's 17 percent VAT.
But the Japan earthquake may help bring the markets closer
together after Japanese traders turned to Shanghai stocks for
metal, driving up physical premiums to around $40 a tonne above
the LME cash price, versus $10-$20 before the earthquake.

"What happened in Japan is insanely bullish for copper,"
said Ivanhoe Mines Ltd Chief Executive Robert Friedland
at the Mines and Money conference in Hong Kong.

(22/03) LME METALS-Factors To Watch on March 23

2011-03-23T05:50:00.000-07:00

March 22, 2011

Copper rose on Tuesday,
recouping some of the previous session's 1 percent loss as
disruption to copper smelting after the Japan earthquake offered
some support, but unrest in Libya capped gains.
* Three-month copper CMCU3 on the London Metal Exchange
was trading at $9,440 a tonne at 0817 GMT compared with $9,405
at the close on Monday.

(22/03) METALS-LME copper opens lower, mired by China Japan, MidEast doubts

2011-03-23T05:46:00.000-07:00

March 22, 2011

Copper prices fell in London
on Wednesday, while Shanghai futures notched modest gains, but
markets remained bogged down by worries about Chinese demand,
the Japan earthquake and geopolitical tension in the Middle East
and North Africa.

* Three-month copper on the London Metal Exchange
fell $10 to $9,480 a tonne by 0105 GMT, while Shanghai's
most-active copper futures contract, June , rose 240
yuan to 71,520 yuan a tonne.
* Market worries over slower Chinese demand for base metals
in the first quarter of the year persisted, following a slide in
imports in February.
* "Certainly in the first quarter of the year, they haven't
been anywhere as aggressive as they have been in previous
years," said Michael Overlander, chief executive of broker
Sucden Financial, on China's copper imports.
* China may be sitting on large amounts of unreported copper
stocks -- estimated by Standard Chartered at 550,000 tonnes in
bonded warehouses in Shanghai alone -- in addition to the
177,000 tonnes in Shanghai Futures Exchange warehouses and
434,000 tonnes in LME warehouses.

(23/03) Copper rose in official trading on the London Metal Exchange on Tuesday in the absence of further ructions in global macroeconomic conditions.

2011-03-23T05:43:00.000-07:00

March 23, 2011
Copper rose in official trading on the London Metal Exchange on Tuesday in the absence of further ructions in global macroeconomic conditions. Three-month copper settled at $9,459/59.5 per tonne, up from an opening price of $9,396.75 per tonne, and recovering from a sell-off seen at the close of trading on Monday as high oil prices and the Nato-backed intervention in Libya weighed on sentiment. Transaction volumes were more subdued than they have been in recent sessions, and traders are cautious of taking aggressive positions while macroeconomic conditions remain uncertain, market participants
Copper rose in official trading on the London Metal Exchange on Tuesday in the absence of further ructions in global macroeconomic conditions. Three-month copper settled at $9,459/59.5 per tonne, up from an opening price of $9,396.75 per tonne, and recovering from a sell-off seen at the close of trading on Monday as high oil prices and the Nato-backed intervention in Libya weighed on sentiment. Transaction volumes were more subdued than they have been in recent sessions, and traders are cautious of taking aggressive positions while macroeconomic conditions remain uncertain, market participants
Copper rose in official trading on the London Metal Exchange on Tuesday in the absence of further ructions in global macroeconomic conditions. Three-month copper settled at $9,459/59.5 per tonne, up from an opening price of $9,396.75 per tonne, and recovering from a sell-off seen at the close of trading on Monday as high oil prices and the Nato-backed intervention in Libya weighed on sentiment. Transaction volumes were more subdued than they have been in recent sessions, and traders are cautious of taking aggressive positions while macroeconomic conditions remain uncertain, market participants

(23/03) Copper rises in LME officials as market stabilises

2011-03-23T05:42:00.000-07:00

(23/03) Zinc gains, copper drops on firm US dollar index

2011-03-23T05:39:00.000-07:00

March 23 2011

Base metals largely consolidated before ending mixed. Zinc was the top performer among the base metal pack as it ended with gains of more than a percent on the back of short covering.

Copper prices however declined by more than a percent on the back of continued increase in stocks. House price index in US declined along with modest decline in Richmond Fed manufacturing index. Investors however seem to have taken respite from expectation of pick up in demand from China and Japan and thereby limited the losses.

On the economic data front, industrial new orders from euro zone are expected to continue there growth and new home sales from US might also indicate slightly increased sales. Overall, given the expectation of largely positive economic data and higher equity markets, base metal prices might remain on the higher side.

Copper stocks on London Metal Exchange witnessed net build-up of 3,850 tonnes thereby marking fifth consecutive increase as against decline of 850 tonnes on the previous day.

On the fundamental front, reports indicated that Treatment charges that the Asian smelters receive might rise by as high as 30 percent. The increase might be largely owing to closure of some smelters in Japan.

(22/03) METALS-Copper ends down as economic recovery doubts weigh

2011-03-22T05:47:00.001-07:00

March 22, 2011

Copper fell more than one-percent on
Monday, failing to join in a broad-based equities rally as concerns about the
sustainability of the global economic recovery began to bite.
A sharp reduction in China's imports of the metal last month and an
unexpected plunge in U.S. existing home sales added to the bearish tone,
reflecting a worrisome short-term demand outlook from the red metal's
two-biggest customers.
He cited the rise in crude oil prices and geopolitical tensions in the
Middle East, monetary tightening measures in top-consumer China, and the
uncertain outcome from Japan's nuclear crisis as being the most troublesome
issues facing the global recovery.
COMEX May copper HGK1 closed down 5.30 cents, that is 1.2 percent, at
$4.2860 per lb, near the bottom of its $4.2665 to $4.3685 range.

(22/03) LME copper gains, ShFE steady; eyes on Japan smelters

2011-03-22T05:45:00.000-07:00

March 22, 2011

Copper prices rallied in London on Tuesday, recouping some of the previous session's 1 percent loss, while Shanghai futures ticked up in light trade, after fresh news of disruption to copper smelting following the Japan earthquake.

Three-month copper on the London Metal Exchange rose $60.50 to $9,465.50 a tonne by 0424 GMT, after ending down 1.2 percent on Monday.

Imperial Metals Corp said some shipments from its copper mine may be delayed after three Japanese companies declared force majeure on shipments following damages to ports at a smelter after the earthquake in the Northeast Asian country.

Shanghai's most-active copper futures contract, June rose 80 yuan to 71,560 yuan a tonne.

"Markets are still a bit up in the air right now. Chinese consumers still think prices are too high and just don't want to buy in a big way," said a trader in Singapore.

(22/03) METALS-LME copper gains, ShFE steady; eyes on Japan smelters

2011-03-22T05:44:00.000-07:00

March 22, 2011

Copper prices rallied in
London on Tuesday, recouping some of the previous session's 1
percent loss, while Shanghai futures ticked down in light trade,
after fresh news of disruption to copper smelting following the
Japan earthquake.
Three-month copper on the London Metal Exchange rose
$50 to $9,455 a tonne by 0705 GMT, after ending down 1.2 percent
on Monday.
Imperial Metals Corp said some shipments from its
copper mine may be delayed after three Japanese companies
declared force majeure on shipments following damages to ports
at a smelter after the earthquake in the Northeast Asian
country.
Shanghai's most-active copper futures contract, June
fell 0.3 percent to 71,280 yuan a tonne.
"Markets are still a bit up in the air right now. Chinese
consumers still think prices are too high and just don't want to
buy in a big way," said a trader in Singapore.
Copper ranked among the weaker performers in commodity
markets on Monday. Worries about Chinese demand after weak, but
well-telegraphed, import data from the world's top consumer,
weighed on sentiment.

(22/03) Record Copper Prices Prompting A Switch To Aluminum

2011-03-22T05:41:00.000-07:00

March 22, 2011

Copper's price surge this year is sparking a switch among manufacturers to another electricity-conducting metal: aluminum.

Makers of automobiles, air conditioners and industrial components are increasingly turning to the much cheaper metal to help offset rising cost pressures as the global economic recovery gains steam.

The difference between the prices of copper and aluminum is now enough to cover the costs of retooling some manufacturing processes and pay for the extra aluminum it takes to conduct the same amount of electricity as copper.

"There will be a new wave of relooking at products and seeing if there is a substitution available," said Joe Walton, owner of Williams Metals & Welding Alloys Inc., a Wayne, Pa., processor and distributor of metals including copper and aluminum.

Such substitution has been on the rise over the past decade as demand from China and constrained mine supply have boosted copper prices. From February 2001 through last month, the metal had risen more than fivefold while aluminum gained 66%.

Although copper's recent record-setting rally to more than $4.60 a pound has been clipped by worries about Japan's nuclear crisis and fears that high oil prices will damp the global economic recovery, the metal remains well above the key $3.50-a-pound level where it often becomes more economical to use aluminum instead of the copper. Aluminum now costs around $1.15 a pound.

"With copper being at historic levels, there has been global interest in going to aluminum cables in cars," said Chris Burns, North American engineering director with U.S. automotive parts supplier Delphi. "You get a lot more bang for the buck."

(22/03) Copper, Metal Theft Back On The Rise

2011-03-22T05:40:00.000-07:00

March 22, 2011

Two years ago, copper prices soared, leading to a rash of break-ins and thefts throughout Davidson County. Nothing was spared, from electrical wiring that caused the cancellation of a Thomasville High School football game to air conditioning units for senior citizens.
As the price for copper began to drop, instances of thieves stealing the metal declined as well. In the past three months, however, copper prices have climbed to a five-year high and thieves are obviously paying attention.

At the beginning of the year, copper prices exceeded $4.50 a pound, which was a five-year high, according to metalprices.com. Prices have since dipped to around $4.25 a pound, but the rate of copper theft has continued to rise in recent weeks. In the past few days, the Davidson County Sheriff’s Office arrested two men for allegedly stealing copper and attempting to sell it to scrap metal recycling centers in Thomasville. Even though police regularly check local recycling centers for illegal activity, thieves continually try to sell stolen catalytic converters, phone line wiring and part from old heat pumps that are made of copper.

(22/03) Three ways developing markets will support the copper price

2011-03-22T05:37:00.000-07:00

March 22, 2011

At the beginning of the year, copper was widely tipped to lead a base metals rally, even though its price had already surged in the 12 months before and recently moved within a fraction of its peak.

After such a strong run, investors are mulling whether the metal has further to run, especially following last month’s 35% slump in copper imports by its biggest consumer, China.
Over the longer term, demand from developing economies that are industrialising will see copper’s story continue, while developing economies upgrading their infrastructure will also support its investment case.

Cheveley points out that developing countries will also experience strong population growth. ‘By 2025, China will have 221 cities with populations of over one million. Compare this to Europe today, which has just 35.’
As well as driving up oil consumption, rising car density should boost demand for copper, as a single hybrid car requires 33 kilogrammes for construction, while a conventional car needs in the region of 25kg.

All these expected demands on copper can be compared with its current constrained supply level. Supplies tracked by the London Metal Exchange were down 30% last year, pushing the industrial metal close to its first annual contraction in supply since 2004.

(21/03) COPPER PRICES END LOWER

2011-03-21T06:01:00.000-07:00

March 21, 2011

Copper failed to extend gains into a third day on Friday, ending lower, as further tightening moves in China, Middle East unrest and Japan's nuclear crisis kept investor risk at a minimum.
Still, prices of the metal managed to post their best weekly performance since the first week of February, snapping back from initial panic-led liquidation pressures stemming from last Friday's devastating earthquake in Japan.
London Metal Exchange (LME) three-month copper shed $US55 to close at $US9,510 a tonne, still down about seven per cent from its record at $US10,190 in February.
COMEX copper for May delivery eased half a US cent to settle at $US4.3390 per pound in lighter-than-usual volume.
According to Thomson Reuters preliminary data, COMEX volume traded stood just above 30,100 lots, more than 40 per cent below the 30-day norm.
Aside from the uncertain near-term fundamental outlook, analysts noted a problematic technical picture developing. For the second straight session momentum has slowed beneath the 20-day ($US4.35/lb) and 50-day ($US4.40/lb) moving averages, a development that could set prices back again if money managers grow impatient, an analyst said.
Copper prices initially came off after China's central bank raised lenders' required reserves for the sixth time in an ongoing cycle of monetary tightening to fight inflation.
LME copper stocks added another 850 tonnes, boosting inventories to their highest level since last July, at 429,650 tonnes.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 12.1 per cent from last Friday.

(21/03) Copper rises on investment demand

2011-03-21T05:59:00.000-07:00

March 21, 2011

Copper gained Saturday as investor sentiment improved on news of a ceasefire in Libya and international currency intervention to stem the yen's surge.

But the market digested the widely expected move, expecting the impact of Chinese tightening measures to be moderate in the longer term.

LME copper stocks added another 850 tonnes overnight, boosting inventories to their highest level since last July, at 429,650 tonnes.

Copper stockpiles monitored by the Shanghai Futures Exchange gained after the bourse started to include two bonded warehouses as delivery points this week, according to data provided by the exchange.

Copper gained Saturday as investor sentiment improved on news of a ceasefire in Libya and international currency intervention to stem the yen's surge.

But the market digested the widely expected move, expecting the impact of Chinese tightening measures to be moderate in the longer term.

LME copper stocks added another 850 tonnes overnight, boosting inventories to their highest level since last July, at 429,650 tonnes.

Copper stockpiles monitored by the Shanghai Futures Exchange gained after the bourse started to include two bonded warehouses as delivery points this week, according to data provided by the exchange.

(21/03) LME OPEN - Base metals firm on strong demand prospects, weak dollar

2011-03-21T05:58:00.000-07:00

March 21, 2011

Base metals opened flat to higher on Monday as a weaker dollar and follow-through buying brushed aside the bearish sentiment stemming from Japan’s atomic crisis.

Lead traded near two-year highs on expectations that the power disruptions in Japan will result in sizeable boost for batteries for back-up generators, while tin and aluminium rose more than 1 percent each.
Others agree that the need to repair colossal damage to infrastructure Japan is not decidedly bullish for metals.

“We feel the near term aftermath of Japan’s crisis is likely to be negative and high oil prices will be a dampener for global growth. As such we see the stronger tone in the markets a bounce that is likely to be followed by fresh weakness,” William Adams, analyst at FastMarkets, said on Monday.

Copper was stable above the $9,500 level after tumbling below $9,000 last week, while the rest of the complex was underpinned by a weaker greenback, as the dollar slipped further against the euro, trading at 4-month lows at 1.4170.

Around 25 percent of Japan’s copper production is affected by the rolling power cuts, and lost consumption due to the disaster could knock some 30,000-50,000 off demand on some estimates.

(21/03) LME MORNING - Metals rise as demand outlook eclipses global turmoil

2011-03-21T05:57:00.000-07:00

March 21, 2011

Metals firmed across the board on the LME as sentiment improved against a backdrop of successful airstrikes on Libya by Western forces but further Chinese monetary tightening measures and rising crude oil prices could hurt demand for riskier assets such as metals in the long run.

Buoyant equity markets and a weak US dollar underpinned base metals on Monday, with lead advancing to its highest since May 2008 on expectations that the power disruptions in Japan will boost demand for batteries.

Metals firmed across the board on the LME as sentiment improved against a backdrop of successful airstrikes on Libya by Western forces but further Chinese monetary tightening measures and rising crude oil prices could hurt demand for riskier assets such as metals in the long run.

Buoyant equity markets and a weak US dollar underpinned base metals on Monday, with lead advancing to its highest since May 2008 on expectations that the power disruptions in Japan will boost demand for batteries.

Copper rose $68 to $9,578 per tonne. Chinese imports of refined copper fell 35.6 percent in February from the previous month to a 27-month low due to holidays in the shortest month of the year and high stocks, Reuters reported.

(21/03) Copper rebounds

2011-03-21T05:54:00.000-07:00

March 21, 2011

Copper hit its highest in over a week on Thursday as buyers moved back into the metal after Japan's nuclear crisis drove it to three-month lows this week, but growing turmoil in the Asian economy hurt sentiment.

Three-month copper on the London Metal Exchange was at $9,380 a tonne at 12:41 SA time versus a close of $9,260 a tonne on Wednesday.
The metal used in power and construction tracked a technical bounce in European equities, after shares in the region shed 7 percent over the past 6 sessions.

“Over the past few days it's become clear that there is decent buying interest at those low prices,” Gayle Berry, an analyst at Barclays Capital, said.

“There's been some scaled-up buying with people's fundamental outlook for this year still very positive but (they are) mindful that in the short-term prices are vulnerable to the swings in sentiment.”

Rising oil prices that boosted inflation concerns kept alive worries about economic growth, with unrest escalating in oil-exporting Libya and in Bahrain, which is neighbour to top oil exporter Saudi Arabia.
Stocks of copper in LME warehouses last rose 1,825 tonnes to 428,800 tonnes, their highest level since July.

(21/03) METALS-Shanghai copper rallies on London; China buys as panic eases

2011-03-21T05:52:00.000-07:00

March 21, 2011

Shanghai copper was holding
onto near 3 percent gains secured earlier on Friday, helped by
renewed Chinese buying that eased the impact of panic caused by
Japan's earthquake and nuclear crisis, and catching up with
Thursday's London rises.
"We are seeing a rebound after panic-selling earlier this
week," said Zhu Bin, an analyst at Nanhua Futures in the eastern
province of China.

"But we are unlikely to see copper prices press towards a
new high, as Chinese buyers will become hesitant again once
prices move higher."
Chinese buying interest has ticked up over the past few days
after LME copper prices failed to breach below the key $9,200

Three-month copper on the London Metal Exchange
edged down 0.2 percent at $9,544.75 a tonne by 0701 GMT, but is
poised for a 3.9 percent weekly rise, its biggest since early
February.

(21/03) Copper Heads for Biggest Weekly Gain in Six Weeks: LME Preview

2011-03-21T05:49:00.000-07:00

March 21, 2011

Copper headed for its biggest weekly gain in six weeks after the Group of Seven agreed to intervene in the foreign-exchange market, easing concerns the economic recovery will be protracted.
Japanese stocks climbed, paring their worst weekly performance since 2008, as the yen tumbled after the Bank of Japan and some Group of Seven countries said they began intervening in currency markets as the country battles to control a nuclear accident.
Japan’s worst earthquake may force the Bank of Japan to add more monetary stimulus to support the economy even as the European Central Bank signals it’s ready to raise interest rates to contain inflation.

(21/03) London Metal Exchange (LME) three-month copper CMCU3 rallied $305, or 3.3 percent, to end at $9,565 per tonne -- its biggest one-day advance s

2011-03-21T05:47:00.000-07:00

March 21, 2011

London Metal Exchange (LME) three-month copper CMCU3 rallied
$305, or 3.3 percent, to end at $9,565 per tonne -- its biggest
one-day advance since Nov. 4.
COMEX May copper HGK1 rallied 3.5 percent, or 14.65 cents, to
settle at $4.3440 per lb, near the upper end of its $4.1460 to
$4.3630 session range.
London Metal Exchange (LME) three-month copper CMCU3 rallied
$305, or 3.3 percent, to end at $9,565 per tonne -- its biggest
one-day advance since Nov. 4.
COMEX May copper HGK1 rallied 3.5 percent, or 14.65 cents, to
settle at $4.3440 per lb, near the upper end of its $4.1460 to
$4.3630 session range.
London Metal Exchange (LME) three-month copper CMCU3 rallied
$305, or 3.3 percent, to end at $9,565 per tonne -- its biggest
one-day advance since Nov. 4.
COMEX May copper HGK1 rallied 3.5 percent, or 14.65 cents, to
settle at $4.3440 per lb, near the upper end of its $4.1460 to
$4.3630 session range.

(21/03) METALS-Copper ends up sharply on Chinese demand signals

2011-03-21T05:46:00.000-07:00

March 21, 2011

Copper ended up on Thursday
in its biggest one-day rally since November as buyer interest,
particularly from China, began to percolate after Japan's nuclear
crisis drove prices down to three-month lows this week.
Signs of economic acceleration in the United States added to the
bullishness, helping give a boost to broader market sentiment, which
had been hit hard as Japan's nuclear catastrophe unfolded.
While developments at Japan's quake-hit nuclear plant remained a
main source of worry for investors, encouraging demand signals from
the world's largest copper consumer brought the metal's bullish
fundamental story back into the spotlight.
"Buying has picked up and we have seen some pretty solid clips of
Chinese buying, which has been absent for a while," said Nicholas
Snowdon, analyst with Barclays Capital in New York.
London Metal Exchange (LME) three-month copper CMCU3 rallied
$305, or 3.3 percent, to end at $9,565 per tonne -- its biggest
one-day advance since Nov. 4.
COMEX May copper HGK1 rallied 3.5 percent, or 14.65 cents, to
settle at $4.3440 per lb, near the upper end of its $4.1460 to
$4.3630 session range.

(21/03) METALS-Copper ends up sharply on Chinese demand signals

2011-03-21T05:42:00.000-07:00

March 21, 2011

Copper ended up on Thursday
in its biggest one-day rally since November as buyer interest,
particularly from China, began to percolate after Japan's nuclear
crisis drove prices down to three-month lows this week.
Signs of economic acceleration in the United States added to the
bullishness, helping give a boost to broader market sentiment, which
had been hit hard as Japan's nuclear catastrophe unfolded.
While developments at Japan's quake-hit nuclear plant remained a
main source of worry for investors, encouraging demand signals from
the world's largest copper consumer brought the metal's bullish
fundamental story back into the spotlight.
"Buying has picked up and we have seen some pretty solid clips of
Chinese buying, which has been absent for a while," said Nicholas
Snowdon, analyst with Barclays Capital in New York.
London Metal Exchange (LME) three-month copper rallied
$305, or 3.3 percent, to end at $9,565 per tonne -- its biggest
one-day advance since Nov. 4.
COMEX May copper rallied 3.5 percent, or 14.65 cents, to
settle at $4.3440 per lb, near the upper end of its $4.1460 to
$4.3630 session range.

(17/03) Copper jumps on Japan’s nuclear crisis

2011-03-17T06:30:00.000-07:00

March 17, 2011

Copper prices posted gains as investors sought value from Tuesday's low, but gains were fragile due to the uncertain economic impact from Japan's nuclear crisis.

The global copper market swung into a deficit of 14,000 tonnes in 2010 from a surplus of 410,000 tonnes in the previous year, the World Bureau of Metal Statistics said. LME inventory data showed aluminium stocks fell 4,475 tonnes to 4,620,450 tonnes. Stockpiles remain in sight of the record 4,640,750 tonnes hit in January 2010.

In yesterday's trading session copper has touched the low of 418.45 after opening at 418.45, and finally settled at 421.65.

For today's session market is looking to take support at 417.5, a break below could see a test of 413.3 and where as resistance is now likely to be seen at 426.8, a move above could see prices testing 431.9.

(17/03) Copper futures marginally up on global cues

2011-03-17T06:29:00.000-07:00

March 17, 2011

In restricted activity, copper futures prices rose by 0.20 per cent to Rs 422.50 per kg today, as speculators enlarged their positions amid a slightly better trend at the London Metal Exchange ( LME ..

At the Multi Commodity Exchange, copper futures prices for delivery in April rose by 85 paise, or 0.20 per cent, to Rs 422.50 per kg, with a business turnover of 2,399 lots.

It had gained 1.1 per cent to Rs 421.65 per kg in the previous session.

Likewise, the metal for delivery in June gained 75 paise, or 0.18 per cent, to Rs 427 per kg, with a business turnover of 140 lots.

Analysts said trade sentiment turned better at the domestic futures market as copper prices strengthened at the LME.

(17/03) Copper May Rise on Prospects for Japan Rebuilding: LME Preview

2011-03-17T06:24:00.000-07:00

March 17, 2011

Copper may rise in London on speculation that demand will strengthen on rebuilding in Japan after last week’s earthquake.
Asian stocks fell and Japan’s bond risk rose to a record on concern the nation’s nuclear crisis will cripple its economy. The Nikkei 225 Stock Average pared losses and the yen retreated after the Group of Seven nations said they would meet to discuss the crisis.