Jul

22

Shanghai copper seen up after LME hits 2-mth top..

July 22, 2010 | 1 Comment

 SINGAPORE July 23  - Shanghai copper is poised to
open firmer on Friday, chasing London which touched two-month
peaks and is headed for its best weekly gain since February on
fund buying and technical factors.
 Copper and the rest of the base metals complex could extend
the rally if bank stress test results in the euro zone, due at
1600 GMT on Friday, would show a generally positive outcome as
expected and renew confidence in the global economy.
[ID:nTOE66L06X]
 FUNDAMENTALS
 * Three-month copper on the London Metal Exchange CMCU3
eased 0.6 percent to $6,970 a tonne at 0029 GMT, as investors
took a pause after lifting the contract to as high as $7,050 on
Thursday, the highest since May 14.
 * That puts LME copper's weekly gain to around 7.5 percent
so far, its biggest since the week ending Feb. 19.
 * When Shanghai closed on Thursday, LME copper stood at
$6,830.
 * European banks are expected to disclose holdings of
doubtful government debt in stress test results to be released
on Friday, although sources said there was some last-minute
haggling among German banks over how much to reveal.
[ID:nLDE66L0DJ]
 * The stress test results are expected to show generally
positive results for Greece, Italy and Ireland and a few
failures in Portugal and Spain. [ID:nLDE66J0GP]
 * World refined copper consumption exceeded production by
67,000 tonnes between January and April this year, against a
surplus of 74,000 tonnes in the same year-ago period, the
International Copper Study Group said in its latest monthly
bulletin. [ID:nLDE66K1NI]
 * Top copper consumer China will "improve" policy measures
to stimulate domestic consumption in the second half of 2010
while trying to balance growth and inflationary pressures,
Premier Wen Jiabao said on Thursday. [ID:nTOE66L07U]
 MARKETS NEWS
 * The euro gained 1 percent against the dollar on Thursday
as strong euro zone economic data and U.S. corporate earnings
rekindled hopes for the world economy and whetted investor
appetite for risk. [USD/]
 * The Reuters-Jefferies CRB index .CRB , a global
benchmark for commodities, settled up 2 percent at its highest
level since June 21.
 * Oil jumped more than 3 percent to a 11-week high above
$79 a barrel as a potential tropical storm threatened energy
installations in the Gulf of Mexico and strong earnings boosted
investor sentiment. [O/R]
 * Earnings from economic bellwethers 3M, UPS and
Caterpillar catapulted U.S. stocks as investors shed some of
their fears about the strength of the recovery. [.N]
 DATA/EVENTS
 * The following data is expected on Friday: [COM/WEEK]
 - Germany July Ifo business climate   DEBUSS=ECI (0800
GMT)
 - Germany July Ifo current conditions DEBUSC=ECI (0800
GMT)
 - Germany July Ifo expectations       DEBUSE=ECI (0800
GMT)
 - U.S. weekly  ECRI index                          (1400
GMT)
 - Euro zone bank stress test results               (1600
GMT)


Comments

1 Comment so far

  1. Amit Kumar Sen on June 23, 2011 6:50 am

    I require trend of world copper price from 10.06.2010 to 23.06.2011.Kindly help.

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