World Market Copper Price » Lme Copper

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

admin — Fri, 23 Jul 2010 04:28:50 +0000

 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)

LME Copper Inventory 21 Jul 2010

admin — Wed, 21 Jul 2010 08:22:46 +0000

LME Inventory Update

Copper -1975MT

Lead -1150MT

Zinc -50MT

Nickel -444MT

Aluminum +2925MT

Tin -145MT.

LME Copper Inventory 20 Jul 2010

admin — Tue, 20 Jul 2010 08:04:10 +0000

LME Inventory Update

Copper -3250MT

Lead -1000MT

Zinc +1425MT

Nickel 0MT

Aluminum +48275MT

Tin -245MT.

LME Copper Inventory 19 Jul 2010

admin — Mon, 19 Jul 2010 08:29:20 +0000

LME Inventory Update

Copper -3575MT

Lead -200MT

Zinc -225MT

Nickel -534MT

Aluminum -6325MT

Tin +40MT.

LME Copper Inventory 15 Jul 2010

admin — Thu, 15 Jul 2010 08:56:49 +0000

LME Inventory Update

Copper -775MT

Lead -450MT

Zinc +900MT

Nickel -234MT

Aluminum +5825MT

Tin -10MT.

LME Copper Inventory 12 Jul 2010

admin — Mon, 12 Jul 2010 08:05:38 +0000

LME Inventory Update

Copper -1650MT

Lead +50MT

Zinc -225MT

Nickel -420MT

Aluminum -8075MT

Tin -125MT.

LME Copper Inventory 09 July 2010

admin — Fri, 09 Jul 2010 08:12:59 +0000

LME Inventory Update

Copper -2100MT

Lead -325MT

Zinc -300MT

Nickel -666MT

Aluminum -5875MT

Tin -130MT.

LME Copper Inventory 07 Jul 2010

admin — Wed, 07 Jul 2010 09:01:34 +0000

LME Inventory Update

Copper -2350MT

Lead +500MT

Zinc -25MT

Nickel -456MT

Aluminum +4700MT

Tin +55MT.

US copper ends at 1-wk top, equity slide saps move..

admin — Wed, 07 Jul 2010 04:59:58 +0000

 NEW YORK July 6 - U.S. copper futures ended up
at a one-week high on Tuesday, as improved risk appetite and a
weaker dollar briefly boosted prices through the $3 per lb
level, before a late reversal in equity markets dragged the red
metal away from its session peak.

 For detailed report on global copper markets, click on
[MET/L]

 * Copper for September delivery HGU0 rose 5.50 cents, or
1.9 percent, to settle at $2.9710 per lb on the COMEX metals
division of the New York Mercantile Exchange.

 * Highest level on a closing basis since June 28.

 * Range from $2.9050 to $3.02.

 * COMEX estimated copper futures volume at 29,273 lots by 1
p.m. EDT (1700 GMT). Final volume on Friday hit 25,172 lots.

 * Open interest fell by 2,282 lots to 128,495 contracts
open as of July 2.

 * Copper up in short-covering rally from over-sold
conditions last week, that tested and held key support at
around $2.85 per lb - Frank McGhee, head precious metals trader
with Integrated Brokerage Services LLC in Chicago.

 * Copper off session highs in sympathy with late reversal
on Wall Street - traders. [.N]

 * Copper buoyed by weaker tone in dollar, which tends to
make dollar-priced metals more attractive to buy for non-U.S.
investors. [USD/]

 * Slower-than-expected pace of U.S. non-manufacturing
sector in June consistent with general tone of recent data,
suggesting pace of growth is moderating - analysts.
[ID:nN06102990]

 * London Metal Exchange metal stocks <0#LME-STOCKS>, at
441,700 tonnes, are down about 20 percent since mid-February.

 * COMEX copper inventories  dropped 374 short
tons to 101,551 short tons on Friday.

 * Money managers upped net long positions in COMEX copper
futures for week ended June 29, by more than 2,300 contracts -
data from U.S. Commodity Futures Trading Commission showed.
[ID:nN02239445]

 * LME copper for three-months delivery CMCU3 last quoted
at
$6,604/6,605 a tonne from $6,469 at the close on Monday.

METALS-Shanghai copper seen higher; LME eases.

admin — Wed, 07 Jul 2010 04:50:07 +0000

 SINGAPORE July 7 - Shanghai copper was seen
opening higher on Wednesday, while London futures dipped,
paring the previous session's rally of 2 percent as a run on
the dollar to a six-week low slowed.

 FUNDAMENTALS

 * Three-month copper on the London Metal Exchange CMCU3
fell $34 to $6,570 by 0034 GMT. When Shanghai closed on Tuesday
LME copper stood at $6,508, suggesting a firmer opening for the
Chinese market.

 * The dollar steadied on Wednesday after broad losses sent
it to six-week lows in the previous session, under pressure
from lower-than-expected U.S. non-manufacturing growth, which
also prompted Wall Street to pare early gains. [ID:nN06274234]

 * The focus is on China copper imports due this weekend and
analysts said imports may rise, given a positive arbitrage
opportunity that opened in early to mid-May and decline in LME
stocks.

 * LME inventories of copper have fallen about 20 percent
since mid-February to 441,700 tonnes.

 MARKETS NEWS

 * U.S. oil prices fell for a sixth straight session on
Tuesday, ending near a one-month low hit overnight, before a
bounce tied to a stock market recovery, as the crude and equity
markets gyrated in lock-step. [O/R]

 * The euro hovered near seven-week highs on Wednesday while
the Australian dollar retained its smart gains, as investors
pared long positions in the U.S. dollar on  doubts about an
U.S. economic recovery. [USD/]

 * Wall Street rebounded on Tuesday, but strong buying
interest evaporated in the afternoon as bearish sentiment
reasserted itself.  [.N]

 DATA/EVENTS

 * The following data is expected on Wednesday:

 -Japan PAJ weekly oil inventories Jul 3  0300 GMT

 -U.S. ICSC chain stores yy               2345 GMT

 -U.S. API weekly crude stocks     Jul 2  2030 GMT

LME Copper Inventory 06 Jul 2010

admin — Tue, 06 Jul 2010 08:08:07 +0000

LME Inventory Update

Copper -2800MT

Lead -275MT

Zinc +0MT

Nickel -342MT

Aluminum -5925MT

Tin -270MT.

LME Copper Inventory 05 July 2010

admin — Mon, 05 Jul 2010 10:02:45 +0000

LME Inventory Update

Copper-2800 MT

Lead-75 MT

Zinc-225 MT

Nickel-906 MT

Aluminum -6100MT

Tin -195MT.

LME Copper Inventory 02 July 2010

admin — Fri, 02 Jul 2010 08:06:49 +0000

LME Inventory Update

Copper -2125MT

Lead -775MT

Zinc -75MT

Nickel -348MT

Aluminum -5150MT

Tin -205MT.

LME Copper Inventory 01 July 2010

admin — Thu, 01 Jul 2010 08:24:08 +0000

LME Inventory Update

Copper -1675MT

Lead +525MT

Zinc -150MT

Nickel -258MT

Aluminum -6050MT

Tin -970MT.

LME Copper Inventory 30 Jun 2010

admin — Wed, 30 Jun 2010 08:09:23 +0000

LME Inventory Update

Copper -850MT

Lead +400MT

Zinc +1400MT

Nickel -336MT

Aluminum -5475MT

Tin -195MT.

Copper Rises for Third Day on Expectations U.S. Spending Will Show Growth..

admin — Tue, 29 Jun 2010 08:28:15 +0000

Copper rose for a third day in London after a U.S. report on personal spending signaled improved growth, boosting demand for industrial metals.

Consumer spending in the U.S. rose in May more than forecast, a sign households are gaining confidence in the recovery and the job market. Purchases rose 0.2 percent after little change the prior month, Commerce Department figures showed today. Incomes climbed 0.4 and the savings rate increased to the highest level in eight months. Copper has dropped 7.5 percent this year.

“The numbers suggests that the U.S. economic recovery remains on track, though the pace of the recovery is probably a bit slow for most people’s liking,” David Thurtell, a Citigroup Inc. analyst in London, said by telephone.

Copper for delivery in three months jumped $36, or 0.5 percent, to $6,806 a metric ton at 1:49 p.m. on the London Metal Exchange. Prices rose to a four-week high of $6,875 on June 25 and reached $6,873 earlier today.

LME copper rose as much as 2.7 percent on June 25, supported by U.S. consumer confidence rising in June to the highest level since January 2008. Prices gained 5.2 percent last week, the most since the week ending Feb. 19, partly on speculation imports by China might increase after the People’s Bank of China indicated on June 19 it would abandon the yuan’s two-year peg to the dollar.

The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, slid 0.5 percent last week, making dollar- priced metals cheaper in terms of other monies. The index gained as much as 0.3 percent today.

Sovereign-Debt Crisis

Copper has dropped this year as the dollar gained and investors speculated that monetary tightening in China and the European sovereign-debt crisis may curb demand.

Group of 20 leaders responded to the European debt crisis with deficit-reduction targets and agreed to pursue higher capital requirements for banks once economic recoveries take hold.

Stockpiles of copper tracked by the LME fell for a seventh day to 453,175 tons, the lowest level since Dec. 7. Bookings to remove metal from warehouses jumped for a third day to 31,900 tons, the highest since March 3. Copper stockpiles monitored by the Shanghai Futures Exchange declined 8.8 percent last week to 123,939 tons, the bourse said on June 25.

Aluminum for three-month delivery on the LME rose 1 percent to $2,016 a ton. Stockpiles in LME-monitored warehouses dropped for a third consecutive day, down to 4.44 million tons and the lowest since July 13, 2009.

Aluminum producers in Henan province, the largest maker of the metal in China, agreed to curtail 700,000 tons of capacity, Wen Xianjun, the deputy head of China Nonferrous Metals Industry Association, said today by phone from Beijing.

Nickel gained 2.4 percent to $20,226 a ton. Zinc fell 0.3 percent to $1,866.75 a ton, lead advanced 1.4 percent to $1,840 a ton and tin was unchanged at $18,125 a ton.

METALS-Shanghai copper to open steady; econ concerns linger..

admin — Tue, 29 Jun 2010 08:15:35 +0000

 SHANGHAI June 29  - Shanghai copper is expected
to open steady on Tuesday, as concerns over the pace and scale
of economic recovery weigh after mixed U.S. economic data were
released.

 FUNDAMENTALS

 * Three-month copper on the London Metal Exchange CMCU3
fell $59 to $6,810 by 0026 GMT on Tuesday, paring some gains in
the previous session.

 * When Shanghai closed on Monday, LME copper stood at
$6,783.

 * U.S. consumer spending rose moderately in May, even as
savings touched the highest level in eight months, showing that
a tepid economic recovery was intact. [ID:nN28253397]

 * The national activity index released by the Chicago Fed
slipped last month to 0.21 from 0.25, but remained above levels
historically linked to a mature economic recovery following a
recession.

 * To support the sentiment, LME copper stocks continued to
decline, down 1,075 tonnes on Monday to 453,175 tonnes, lowest
since early December last year. [MCU-STOCKS]

 * Indicating active demand, the ratio of cancelled warrant
-- materials earmarked for delivery -- to the total tonnage
rose to 7.04 percent, the highest since June 2009.

 MARKET NEWS

 * U.S. stocks ended slightly lower on Monday as gains in
consumer-related stocks, including tobacco shares, were offset
by losses in the energy sector. [.N]

 * The euro was under pressure on Tuesday and dangerously
close to a key support level, as funding concerns about the
euro zone drove investors to the safe-haven Swiss franc.[USD/]

 DATA/EVENTS

 The following data/events are expected on Tuesday (GMT):

 * Japan fin min Noda news conference   -n/a

 * Japan June manufacturing PMI         -0030

 * French consumer confidence for June  -0645

 * French housing starts for May        -0645

 * UK May consumer credit, money supply -0830

 * Eurozone June business climate index -0900

 * ICSC/Goldman Sachs weekly U.S. chain store sales -1145

 * REDBOOK weekly U.S. retail sales                 -1255

 * U.S. S&P/Case-Shiller home price index for April -1300

 * U.S. consumer confidence for June                -1400

 RELATED NEWS: > METALS-Copper eases back from 1-mth top

[ID:nLDE65R0SB] > Australia PM under pressure to jumpstart
talks  [ID:nSGE65R0K4] > Rio faces tough recruitment challenge

      [ID:nSGE65R0K1] > Russia Norilsk owners battle flares
up again    [ID:nN28272122] > Unwrought aluminium stocks 1.250
mln T in May-IA[ID:nLDE65R0UZ] > Henan plan may trigger more
aluminium cuts      [ID:nSGE65R082] > METALS INSIDER-May stocks
rise shows need       [ID:nLDE65R17Y]

PRICES
  Base metals prices at 0026 GMT
 Metal         Last       Change   Pct Move  End 2009 YTD pct
chg
 LME Cu        6810.00    -59.00     -0.86    7375.00
-7.66
 LME Alum      2015.00    -14.00     -0.69    2230.00
-9.64
 LME Zinc      1865.00    -15.00     -0.80    2560.00
-27.15
 LME Lead      1839.00    -21.00     -1.13    2432.00
-24.38
  Dollar/yuan          6.7935 \ 6.7945

LME Copper Inventory 29 Jun 2010

admin — Tue, 29 Jun 2010 08:05:29 +0000

LME Inventory Update

Copper -1225MT,

Lead +125MT,

Zinc -200MT,

Nickel -1146MT,

Aluminum -7075MT,

Tin -15MT.

LME Copper Inventory 28 Jun 2010

admin — Mon, 28 Jun 2010 08:06:34 +0000

LME Inventory Update :

Copper -1075MT,

Aluminum -5775MT,

Nickel -804MT,

Zinc -700MT,

Lead +625MT,

Tin -110MT.

LME Copper Inventory 24 Jun 2010

admin — Thu, 24 Jun 2010 08:08:15 +0000

LME Inventory Update

Copper -1725MT

Lead +425MT

Zinc -900MT

Nickel -804MT

Aluminum -10300MT

Tin -35MT.

LME Copper Inventory 23 Jun 2010

admin — Wed, 23 Jun 2010 08:06:47 +0000

LME Inventory Update

Copper -425MT

Lead -100MT

Zinc -50MT

Nickel -756MT

Aluminum +6325MT

Tin -580MT.

LME Copper Inventory 22 Jun 2010

admin — Tue, 22 Jun 2010 08:06:52 +0000

LME Inventory Update

Copper -100MT

Lead -525MT

Zinc -25MT

Nickel -606MT

Aluminum -10000MT

Tin -205MT.

LME Copper 3month forwards.

admin — Tue, 22 Jun 2010 07:52:11 +0000

LME 3month forwards CMP :

Copper 6560 (-9)

Lead 1802 (-13)

Zinc 1775 (-5)

Nickel 19325 (-50)

Aluminum 1938 (-7)

LME Copper Inventory 21 Jun 2010

admin — Mon, 21 Jun 2010 09:00:28 +0000

LME Inventory Update

Copper -475MT

Lead -375MT

Zinc -100MT

Nickel -1014MT

Aluminum -6825MT

Tin -305MT.

LME Copper Inventory 18 Jun 2010

admin — Fri, 18 Jun 2010 08:32:34 +0000

LME Inventory Update:

Copper -2750MT,

Aluminum -7025MT,

Nickel -1254MT,

Zinc +850MT,

Lead -1050MT,

Tin -35MT.

METALS-Shanghai copper falls 0.6 pct, U.S. data weighs.

admin — Fri, 18 Jun 2010 06:10:59 +0000

SHANGHAI June 18 – Shanghai copper fell in early
trade on Friday, after London copper prices touched a one-week
low in the previous session, as sentiment soured after
disappointing U.S. data.

 FUNDAMENTALS

 * Three-month copper on the London Metal Exchange CMCU3
rose $4 to $6,450 by 0132 GMT on Friday, hovering above a
one-week low of $6,410 in the previous session.

 * Shanghai's benchmark third-month copper futures contract
SCFc3 slipped 0.6 percent to 51,340 yuan a tonne.

 * New U.S. claims for jobless aid rose last week while
consumer prices notched their largest decline in nearly 1-½
years in May, suggesting interest rates will remain ultra low
to nurse the fragile economic recovery. [ID:nN17254724]

 * Meanwhile factory activity growth plummeted in the U.S.
Mid-Atlantic region in June, a survey by the Philadelphia
Federal Reserve Bank showed, adding to worries about the
vulnerable recovery in the U.S. economy. [ID:nN17165505]

 * LME copper stocks rose 1,025 tonnes to 460,175 tonnes on
Thursday, the first rise since mid-May. [MCU-STOCKS]

 MARKET NEWS

 * The euro held steady near three-week highs on Friday, as
investors liquidated short positions after a robust response to
Spanish bond auctions, while the U.S. dollar appeared
vulnerable to a sell-off.[USD/]

 * U.S. stocks edged higher late in a choppy, thinly traded
session on Thursday as investors built on momentum gained after
the S&P 500 index broke through its 200-day moving average
earlier this week. [.N]

 DATA/EVENTS

 The following data/events is expected on Friday:

 * India M3 Money Supply June  (1130 GMT)

 * U.S. ECRI weekly index     (1430 GMT)

 PRICES
 Base metals prices at 0132 GMT
 Metal         Last       Change   Pct Move  End 2009 YTD pct
chg
 LME Cu        6450.00      4.00     +0.06    7375.00
-12.54
 SHFE Cu*     51340.00   -330.00     -0.64   59900.00
-14.29
 LME Alum      1958.00     -8.00     -0.41    2230.00
-12.20
 SHFE Alum*   14520.00    -60.00     -0.41   17160.00
-15.38
 COMEX Cu**     290.25     -9.15     -3.06     332.75
-12.77
 LME Zinc      1742.00    -23.00     -1.30    2560.00
-31.95
 SHFE Zinc    14125.00   -170.00     -1.19   21195.00
-33.36
 LME Nickel   19500.00   -300.00     -1.52   18525.00
5.26
 LME Lead      1742.00    -22.00     -1.25    2432.00
-28.37
 LME/Shanghai arb^           189
 Dollar/yuan          6.8282 \ 6.8289
 ** 1st contract month for COMEX copper
  * 3rd contact month for SHFE aluminium, copper and zinc
  ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month

Base metals were lower on the London Metal Exchange..

admin — Thu, 17 Jun 2010 08:54:31 +0000

Base metals were lower on the London Metal Exchange in Asia Thursday as the return of China-based traders after a three-session holiday saw some heavy early selling. At the Shanghai open, the Shanghai Futures Exchange contract was at a $180 discount to the LME equivalent, meaning China-based traders were incentivized to sell LME positions and buy SHFE positions. The gap closed quickly but LME copper stayed subdued after Shanghai contracts pared their early gains with a weak euro and poor housing data from the U.S. overnight combining to hurt sentiment.

LME Copper Inventory 17 Jun 2010

admin — Thu, 17 Jun 2010 08:46:00 +0000

LME Inventory Update

Copper +1025MT

Lead -850MT

Zinc -225MT

Nickel -660MT

Aluminum -6725MT

Tin -90MT.

LME Copper Inventory 15 Jun 2010

admin — Tue, 15 Jun 2010 09:10:45 +0000

LME Inventory:

Copper -1650MT,

Aluminum +9550MT,

Nickel -1158MT,

Zinc -575MT,

Lead -400MT,

Tin -280MT.

LME Copper Inventory 14 Jun 2010

admin — Mon, 14 Jun 2010 08:09:01 +0000

LME Inventory Update

Copper -1825MT

Lead +175MT

Zinc +225MT

Nickel -474MT

Aluminum -10500MT

Tin -185MT.

LME Copper Inventory 10 Jun 2010

admin — Thu, 10 Jun 2010 08:40:31 +0000

LME Inventory Update

Copper -1775 MT

Lead -575MT

Zinc +1100MT

Nickel -522MT

Aluminum -7575MT

Tin -70MT.

LME Copper Inventory 09 Jun 2010

admin — Wed, 09 Jun 2010 08:27:02 +0000

LME Inventory Update

Copper -1675MT

Lead +725MT

Zinc +225MT

Nickel -318MT

Aluminum -6325MT

Tin +10MT.

LME Copper Inventory 08 Jun 2010

admin — Tue, 08 Jun 2010 08:53:11 +0000

LME Inventory Update

Copper -900MT

Lead -425MT

Zinc -500MT

Nickel +84MT

Aluminum -7875MT

Tin -25MT.

LME Copper Inventory 07 Jun 2010

admin — Mon, 07 Jun 2010 09:10:10 +0000

LME Inventory Update:

Copper -2250MT

Lead +725MT

Zinc -750MT

Nickel -540MT

Aluminum -6975MT

Tin -350MT.

LME Copper Inventory 03 Jun 2010

admin — Thu, 03 Jun 2010 08:38:18 +0000

LME Inventory Update:

Copper -925MT

Lead -25MT

Zinc -875MT

Nickel -588MT

Aluminum -7300MT

LME Copper Inventory 02 Jun 2010

admin — Wed, 02 Jun 2010 08:13:10 +0000

LME Inventory Update:

Copper -350MT

Lead -450MT

Zinc -1375MT

Nickel -960MT

Aluminum -7725MT

Tin -395MT.

LME Copper Inventory 01 Jun 2010

admin — Tue, 01 Jun 2010 08:59:27 +0000

LME Inventory Update:

Copper -1150MT

Lead +2075MT

Zinc 1200MT

Nickel -108MT

Aluminum -5225MT

Tin +290MT.

LME Copper Inventory 28 May 2010

admin — Fri, 28 May 2010 09:56:15 +0000

LME Inventory :

Copper -1050MT,

Aluminum -5225MT,

Nickel -282MT,

Zinc -750MT,

Lead +200MT,

Tin -130MT.

LME Copper Inventory 26 May 2010

admin — Wed, 26 May 2010 09:05:24 +0000

LME Inventory Update

Copper -275MT

Lead -300MT

Zinc +3150MT

Nickel +204MT

Aluminum -3600MT

Tin -80MT.

LME Copper Inventory 25 May 2010

admin — Tue, 25 May 2010 08:31:56 +0000

LME Inventory Update :

Copper -250MT,

Aluminum -4975MT,

Nickel -132MT,

Zinc +50300MT,

Lead +3325MT,

Tin -70MT.

LME Copper Inventory 21 May 2010

admin — Fri, 21 May 2010 08:31:17 +0000

LME Inventory Update

Copper -1475MT

Lead -50MT

Zinc +2150MT

Nickel +630MT

Aluminum -4725MT

Tin +165MT

LME copper hits 20-month high on strong US data.

admin — Tue, 06 Apr 2010 07:54:39 +0000

SINGAPORE – London copper futures rose to their highest since August 2008 as markets reopened after a four-day weekend on Tuesday, while Shanghai hit its highest since early January, after a spate of strong U.S. numbers. Nonfarm payrolls rose 162,000, the U.S. Labor Department said on Friday, the largest number of jobs added in three years. “The solid 123,000 advance in private-sector payrolls in March, coupled with upward revisions totalling 75,000 that show gains in four of the past five months, carries important implications for the growth and Fed outlooks,” BMO Capital Markets said in a note. Separate reports showing pending sales contracts for existing homes rose unexpectedly in February and further expansion in the U.S. services sector added to the market’s bullish temperament. “Now we know where Americans are getting the money and confidence to start spending again,” BMO said in its note. Three-month copper on the London Metal Exchange rose around 1 percent early on Tuesday to touch $7,967, its highest since August 2008 and creeping towards that year’s record high about $1,000 above the current market. By 0311 GMT, the market had pared those gains to trade at $7,944. Benchmark third-month Shanghai copper rose 0.4 percent to 63,090 yuan. “Copper should break $8,000 — that’s the technical and psychological level — once we break that it will open up huge room on the upside,” said Judy Zhu, commodity analyst at Standard Chartered Bank. “But there are risks. Stocks in China are pretty large and it will take time for China to consume those. We also expect April imports to fall due to the closure of the spread between London and Shanghai.” The arbitrage slammed shut late last month and is likely to slow the inflow of copper into China in April and May, Zhu and a trader in Singapore said. For a graphic,/gfx/RS_20100604104251.jpg “There has not been much going on in terms of arb trading so far this month. There is some metal already booked for April delivery, but if these ratios hold it will tail off towards the end of the month and into May,” the Singapore trader said. “So much for the peak demand season.” The second quarter of the year typically sees Chinese copper demand surge as copper consumers fire up production after the Lunar New Year holidays in January or February. Industry eyes are on Chile for the CRU/CESCO conference. For all Reuters CESCO stories, click Cochilco, Chile’s state copper think-tank, will likely raise its 2010 average copper price outlook by about 6.5 percent to $3.30 a pound due to strong demand from top consumer China and as developed economies gradually recover from the global economic crisis. For a Reuters Insider video segment, click: http://link.reuters.com/fad56j Nickel dipped 1 percent to $24,800. Nickel is the strongest performer of the LME metals, up by a third this year, versus copper’s rise of 8 percent, but Zhu warned that prices may have run too far ahead. “We are still quite worried as there is too much speculation in nickel and the recovery in global demand doesn’t reflect the higher prices.” She added that demand from the stainless steel industry, which consumes around two-thirds of world nickel output, was rising, but inventories remained very high. LME stocks of nickel stand at 157,512 tonnes, just off a recent record high, but still equivalent to more than 10 percent of global output. 2010-04-06 08:03:25

METALS-Copper falls on China output data..

admin — Thu, 11 Mar 2010 06:10:29 +0000

* LME copper turns lower, ShFE falls 1.5 pct on China
output
* China may be less dependent on LME supply; still big
buyer
* Tightening worries but analysts doubt will dent metals
much
* Coming up: Weekly US jobless claims and international
trade

SINGAPORE, March 11 - Copper prices fell on
Thursday after production data suggested the world’s biggest
buyer may be less dependant on the international market for
supply.
Chinese output data on Thursday, a day after very strong
import numbers, showed domestic copper production rising 16.2
percent in the first two months of the year, to 702,000 tonnes.
Aluminium output in February alone jumped almost 50 percent
from a year ago to 1.308 million tonnes or 46,714 tonnes per
day. Output in January was 1.262 million tonnes or 40,710 on a
daily basis.
For graphics showing Chinese copper and aluminium output,
click:
here
here
“This is confirmation capacity is coming back on line in
response to the perception of stable, higher prices,” Ben
Westmore, commodities economist at National Australia Bank
said.
“Greater domestic production means China is less reliant on
imports. The market can over react to this kind of news, but if
you look beyond the next week, China will remain a strong
source of demand for metals so I am still reasonably bullish.”
London Metal Exchange prices fell when the data was
released, turning a $10 rally into a $30 loss.
Three-month copper on the London Metal Exchange CMCU3
fell $29 to $7,411 a tonne by 0316 GMT. Before the data copper
traded around $7,450 and had touched $7,464 earlier int eh day.
Benchmark third-month Shanghai copper SCFc3 fell 1.5
percent to 59,490 yuan.
But analysts said the outlook remained bright for base
metals.
Westmore said copper prices would average $7,500 in the
last quarter of the year versus $7.120 so far in this quarter.
Tuesday’s trade numbers showed strong Chinese imports of
industrial metals and boosted confidence in the demand outlook.
Yingxi Yu, analyst at Barclays Capital said: “The Chinese
trade data was very constructive, not just for copper but for
iron ore, oil and coal and it shows that despite the concerns
about China’s macro tightening, demand is still strong.”
For the full story on trade and output,
Yu added: “There is some scepticism about OECD demand but
LME inventories have shown broad-based falls and are perhaps
offering an early sign the market is improving on a fundamental
basis.”
LME copper stocks have fallen for the past six session
equalling a run of drawdowns last July. But traders worry that
the limited arbitrage opportunities since the Chilean
earthquake and a decline in the cancelled warrant ratio may
mean a halt to the trend.
For a graphic on the arbitrage, click:
here
Aluminium CMAL3 fell $12 to $2,220.
MAB’s Westmore said: “The market is wary of the big LME
stocks and the perception is the fundamentals are weak compared
to other metals. China imports have fallen after last years
spikes.
“There is room for some short-term moderation. Remember
prices haven’t done much in the past few weeks and I think
there is a feeling to wait and see what policy tightening will
have on demand.”
Chinese consumer inflation rose more than expected in the
year to February, while retail sales data for the first two
months showed the economy started 2010 with a strong head of
steam.
Coming a day after the surprisingly strong export and
import data, the figures could reinforce the case for further
monetary tightening even as central bank data showed the pace
of credit growth halved in February.
For a graphic on inflation:
here
Base metals prices at 0316 GMT
Metal Last Change Pct Move End 2009 YTD pct
chg
LME Cu 7411.00 -29.00 -0.39 7375.00
0.49
SHFE Cu* 59490.00 -910.00 -1.51 59900.00
-0.68
LME Alum 2220.00 -12.00 -0.54 2230.00
-0.45
SHFE Alum* 16745.00 -155.00 -0.92 17160.00
-2.42
COMEX Cu** 335.00 -0.50 -0.15 332.75
0.68
LME Zinc 2331.00 -45.00 -1.89 2560.00
-8.95
SHFE Zinc 18680.00 -495.00 -2.58 21195.00
-11.87
LME Nickel 21350.00 -170.00 -0.79 18525.00
15.25
LME Lead 2260.00 -29.00 -1.27 2432.00
-7.07
LME Tin 0.00 -17750.00 -100.00 16950.00
-100.00
LME/Shanghai arb^ -306
Dollar/yuan 6.8256 \ 6.8266
** 1st contract month for COMEX copper
* 3rd contact month for SHFE aluminium, copper and zinc
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month

LME Copper Inventory 08 Mar 2010

admin — Mon, 08 Mar 2010 09:09:38 +0000

LME Inventories Update:

Copper -1575

Lead +550

Zinc -200

Nickel -660

Alu -6225

Tin +75.

LME Copper Inventory 05 Mar 2010

admin — Fri, 05 Mar 2010 09:05:34 +0000

LME Inventories Update:

Copper -1075

Lead +1300

Zinc -350

Nickel -714

Alu -6850

Tin +30.

LME Copper Inventory 04 Mar 2010

admin — Thu, 04 Mar 2010 09:26:42 +0000

LME Inventories Update:

Copper -6350

Lead +700

Zinc -125

Nickel -498

Alu -5975

Tin -5.

LME Copper Inventory 03 Mar 2010

admin — Wed, 03 Mar 2010 09:03:47 +0000

LME Inventories Update:

Copper -1750

Lead +250

Zinc -25

Nickel -744

Alu -8825

Tin -70.

LME Copper Inventory 01 Mar 2010

admin — Mon, 01 Mar 2010 12:50:18 +0000

LME Inventories Update:

Copper +1525MT,

Nickel +558MT,

Lead +2125MT,

Zinc -575MT,

Alum -5275MT,

Tin -135MT.

LME Copper Inventory 26 Feb 2010

admin — Fri, 26 Feb 2010 09:08:49 +0000

LME Inventories Update:

Copper -500MT,

Nickel +924MT,

Lead +2050MT,

Zinc -400MT,

Alum -4525MT,

Tin -125MT.

LME Copper Inventory 25 Feb 2010

admin — Thu, 25 Feb 2010 09:11:49 +0000

LME Inventories Update:

Copper -2450MT,

Nickel +912MT,

Lead +1050MT,

Zinc +275MT,

Alum -4000MT,

Tin -70MT.

METALS-Shanghai copper to open steady after Bernanke pledge…

admin — Thu, 25 Feb 2010 04:52:08 +0000

SHANGHAI, Feb 25 - Shanghai copper is expected to
open steady on Thursday, after U.S. Federal Reserve Chairman
Ben Bernanke pledged to keep interest rates low for an extended
period, but home sales data disappointed.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange CMCU3
rose $23 to close to $7,155 a tonne on Wednesday, and extended
gains to $7,166 in after-hour trading. It touched an intra-day
low of $7,020, it lowest since Feb. 16.
* When Shanghai closed on Wednesday, LME copper stood at
$7,167.75 a tonne.
* Fed Chairman Ben Bernanke told Congress on Wednesday a
weak job market and tame inflation warrant low interest rates
for “an extended period,” curbing speculation the central bank
was moving closer to raising borrowing costs. [ID:nN23153536]
* As Bernanke offered a relatively sombre assessment of the
U.S. economy, data showed that new home sales unexpectedly fell
to a record low in January while demand for loans to buy homes
hit a 13-year low last week, fanning fears of renewed weakness
in the housing market.[ID:nN24373288]
* China’s imports of refined copper fell to 196,926 tonnes
in January from 244,013 tonnes in December, while primary
aluminium imports fell to 40,059 tonnes from 42,106 tonnes,
customs data showed on Wednesday. [ID:nTOE61M07B]
MARKET NEWS
* Bernanke reassured lawmakers interest rates will remain
low, driving U.S. stocks higher on Wednesday as investors
welcomed the promise of more cheap money. [.N]
* The dollar was softer on Thursday, extending the previous
day’s losses, as investors trimmed huge long positions in the
greenback after the Federal Reserve reiterated interest rates
will stay low for a long time. [USD/]
DATA/EVENTS
* The following data is expected on Thursday ECON:
- Euro zone business climate for February (1000 GMT)
- Euro zone Feb consumer inflation expectation (1000 GMT)
- Euro zone sentiment data for February (1000 GMT)
- U.S. durable goods for January (1330 GMT)
- Weekly U.S. jobless claims (1330 GMT)
- US Federal Reserve Chairman Bernanke testifies (1400 GMT)
- U.S. FHFA home price index for December (1500 GMT)
- U.S. January building permit revisions (N/A)
RELATED NEWS > METALS-Copper choppy after Bernanke, U.S. data
[ID:nLDE61N0TA] > US CFTC fines UBS AG for exceeding position
limit[ID:nN2494674] > Anglo says to double copper output by
2017 [ID:nN24127151] > China January commodity trade shows
record fuel [ID:nSGE61N0FU] > China Jan refined copper imports
at 196,926 T [ID:nTOE61M07B] > TABLE-China Jan cobalt and
molybdenum trade [ID:nEap001347] > TABLE-China Jan nickel,
lead, zinc, tin trade [ID:nEAP001312] > TABLE-China’s Jan
aluminium imports and exports [ID:nEAP001313] > TABLE-China’s
Jan copper imports and exports.

METALS-Shanghai copper lower on econ recovery worries…

admin — Wed, 24 Feb 2010 08:54:25 +0000

* Investors eyeing Bernanke testimony on monetary policy
* China Jan refined copper imports at 196,926 T
(Adds China trade data, comment; Updates prices)
By Rujun Shen and Edmund Klamann
SHANGHAI, Feb 24 - Shanghai copper fell more than
a percent on Wednesday, tracking a drop in the London market in
the previous session as dismal U.S. consumer confidence data
clouded the economic recovery outlook.
U.S. consumer confidence sagged to a 10-month low this
month on worries about jobs and fears gridlock in Washington
could hinder efforts to restart employment, denting the
prospects of recovery in the world’s biggest economy.
[ID:nN23102211]
Investors awaited the semiannual monetary policy testimony
by the U.S. Federal Reserve Chairman Ben Bernanke later on
Wednesday for clues of policy direction.
“The Bernanke testimony will give direction to price
movement in metals in the next few days,” said Peng Qiang, an
analyst at COFCO Futures.
Metals prices have been lacklustre since China returned
from a week-long holiday, as investors tried to digest policy
moves from central banks in China and the United States during
the break.
Shanghai’s benchmark third-month copper futures contract
SCFc3 ended down 1.2 percent to 58,170 yuan a tonne. It
touched 57,610 yuan earlier, its lowest since market reopened
on Monday.
Three-month copper on the London Metal Exchange CMCU3
gained $35.75 to $7,167.75 by 0701 GMT, after shedding nearly 3
percent in the previous session — its biggest daily percentage
decline in over two weeks.
The premium of Shanghai copper over LME copper expanded to
919 yuan from just below 400 yuan in the previous session,
after including the 17 percent VAT.
For a graphic showing Shanghai, LME copper and zinc
arbitrages, double-click:
here
“The price difference between Shanghai and LME has been very
volatile, affecting arbitrage trade,” said Peng of COFCO
Futures.
China’s refined copper imports fell to 196,926 tonnes in
January, from 244,013 tonnes in the prior month, while primary
aluminium imports slipped to 40,059 tonnes from 42,106 tonnes,
official customs data showed. [ID:nEAP001307][ID:nEAP001313]
Traders and analysts expected copper to trade sideways in
the next few days, as investors are on watch for more clues on
global monetary policy and economic outlooks.
“Copper is likely to move in the range of $6,700 to $7,300
in the short term. Fundamentals aren’t particularly bullish, so
the direction will be determined by news on policy and
macroeconomy,” a Shanghai-based trader said.
Shanghai aluminium SAFc3 fell 1 percent to 16,830 yuan a
tonne, and touched 16,780 yuan. LME aluminium CMAL3 was down
$3 at $2,123.
LME’s aluminium stockpiles fell 3,025 tonnes on Tuesday,
but remained just below record high at about 4.6 million
tonnes. While the ratio of cancelled warrants rose to 6.5
percent.
Much of the aluminium stocks have been locked away in
financing deals, tightening spot market, helping to push up
prices of the metal.
The stock financing deals have become less economic now,
and some of the metal should become available at the latest
when interest rate start to hike, Bank of America Merrill Lynch
said in a research note.
As recent prices have prompted production restarts, the
global market will see surpluses, it also said.
“We therefore remain cautious on aluminium prices,
maintaining our average forecast at $2,025/t (92c/lb) in 2010,”
it said in the note.
Base metals prices at 0701 GMT Metal Last Change
Pct Move End 2009 YTD pct chg
LME Cu 7167.75 35.75 +0.50 7375.00
-2.81
SHFE Cu* 58170.00 -720.00 -1.22 59900.00
-2.89
LME Alum 2123.00 -3.00 -0.14 2230.00
-4.80
SHFE Alum* 16830.00 -185.00 -1.09 17160.00
-1.92
COMEX Cu** 321.40 -9.25 -2.80 332.75
-3.41
LME Zinc 2215.00 -5.00 -0.23 2560.00
-13.48
SHFE Zinc 18380.00 -395.00 -2.10 21195.00
-13.28
LME Nickel 20125.00 -70.00 -0.35 18525.00
8.64
LME Lead 2219.00 -16.00 -0.72 2432.00
-8.76
LME Tin 16740.00 -85.00 -0.51 16950.00
-1.24
LME/Shanghai arb^ -919
Dollar/yuan 6.8267 \ 6.8272
** 1st contract month for COMEX copper
* 3rd contact month for SHFE aluminium, copper and zinc
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month

LME Copper Inventory 23 Feb 2010

admin — Tue, 23 Feb 2010 09:12:34 +0000

LME Inventories Update:

Copper -700,

Nickel -1296,

Lead +100,

Zinc +1275,

Alum -3025,

Tin -285.

LME Copper Inventory 22 Feb 2010

admin — Mon, 22 Feb 2010 09:11:23 +0000

LME Inventories Update:

Copper +250,

Nickel -1068,

Lead +350,

Zinc -375,

Alum -7275,

Tin -235 .

LME Copper Inventory 19 Feb 2010

admin — Fri, 19 Feb 2010 10:32:20 +0000

LME Inventory:

Copper -300,

Aluminum -7025,

Nickel -276,

Zinc Unchanged,

Lead Unchanged,

Tin -260.

LME Copper Inventory 18 Feb 2010

admin — Thu, 18 Feb 2010 09:14:57 +0000

LME Inventories Update:

Copper +5175,

Nickel -660,

Lead +50,

Zinc -75,

Alum -3800,

Tin -70

LME Copper Inventory 17 Feb 2010

admin — Wed, 17 Feb 2010 09:03:37 +0000

LME Inventories Update:

Copper +0,

Nickel -378,

Lead +675,

Zinc +39900,

Alum +22750,

Tin -25

LME Copper Inventory 16 Feb 2010

admin — Tue, 16 Feb 2010 09:09:31 +0000

LME Inventories Update:

Copper +775,

Nickel -228,

Lead +325,

Zinc +1650,

Alum +38800,

Tin -10.

LME Copper Inventory 15 Feb 2010

admin — Mon, 15 Feb 2010 09:14:49 +0000

LME Inventories Update:

Copper +1350,

Nickel -378,

Lead -25,

Zinc +0,

Aluminium -5775,

Tin -190.

LME Copper Inventory 11 Feb 2010

admin — Thu, 11 Feb 2010 09:16:18 +0000

LME Inventory Update

Copper +3475MT

Lead +550MT

Zinc -275MT

Nickel +330MT

Aluminium -4950MT

Tin -40MT.

LME Copper Inventory 10 Feb 2010

admin — Wed, 10 Feb 2010 09:07:16 +0000

LME Inventory Update

Copper +775MT

Lead -350MT

Zinc -125MT

Nickel -162MT

Aluminium -5750MT

Tin -120MT.

LME Copper Inventory 09 Feb 2010

admin — Tue, 09 Feb 2010 09:06:02 +0000

LME Inventory Update

Copper -50MT

Lead 0MT

Zinc -100MT

Nickel -288MT

Aluminium -8250MT

Tin -345MT.

LME Copper Inventory 08 Feb 2010

admin — Mon, 08 Feb 2010 09:04:04 +0000

LME Inventory Update

Copper -50MT

Lead -500MT

Zinc +550MT

Nickel +90MT

Aluminium -7450MT

Tin -300MT.

LME Copper Inventory 05 Feb 2010

admin — Fri, 05 Feb 2010 09:15:03 +0000

LME Inventory Update

Copper +1725MT

Lead +350MT

Zinc +925MT

Nickel +162MT

Aluminium -7900MT

Tin +25MT.

METALS-Copper tumbles to 3-mth low, dollar erodes sentiment..

admin — Fri, 05 Feb 2010 04:19:59 +0000

* Rising dollar triggers metals sell-off
* Euro-zone fiscal woes/China tightening fears weigh
* Chinese New Year to subdue volumes
(Recasts with New York closing copper price, adds New York
dateline/byline and analyst comments)
By Chris Kelly and Michael Taylor
NEW YORK/LONDON, Feb 4 (Reuters) – Copper prices plunged to
their lowest levels in more than three months on Thursday, as
growing concerns over the euro zone’s fiscal health and tighter
monetary policy in top consumer China drove investors away into the
safety of the U.S. dollar.
Aluminum slumped to $2,032 a tonne, its lowest since Nov. 30,
zinc slid to $2,010, its lowest since the middle of October and lead
fell to a five-month trough at $1,951.
London Metal Exchange (LME) copper for three-month delivery
MCU3 fell to $6,329 a tonne, its lowest since Oct. 19. The metal
used in power and construction ended at $6,390 a tonne from $6,590
at the close on Wednesday.
At the New York Mercantile Exchange’s COMEX division, benchmark
copper for March delivery HGH0 dropped 9.45 cents, or 3.2 percent,
to end at $2.8790 per lb, its lowest level on a settlement basis
since Oct. 16.
“Everyone has their eyes focused on this dollar rally … not
only in the commodities, but also in the U.S. stock market,” said
Craig Ross, vice president of ApexFutures.com in Chicago.
The euro plunged to a more than eight-month low against the
dollar on concerns over the fiscal health of debt-laden countries
such as Greece, Portugal and Spain. [USD/]
A rising U.S. currency makes commodities priced in dollars more
expensive for holders of other currencies.
Copper is down more than 17 percent since hitting a 2010 peak of
$7,796 a tonne on Jan. 7.
Traders said the sell-off had turned into a “frenzy” as some
funds sold to cover their long positions and others took on short
positions — bets on lower prices.
Volumes on the LME’s Select electronic trading system for the
three-month copper contract were at 21,669 tonnes at 1716 GMT, near
Wednesday’s 23,768 tonnes and close to record levels above 24,000
lots traded on Jan. 28.
CHINA TIGHTENING
However, Chinese demand for industrial metals helped copper rise
140 percent last year. [ID:nLDE6111OK]
But over the last couple of weeks, it has come under pressure on
nervousness about further policy tightening in China, the world’s
largest consumer of industrial metals.
“The recent change in sentiment was probably triggered by
concerns over monetary tightening in China,” said Daniel Major, an
analyst at RBS Global Banking & Markets.
“They haven’t actually done a great deal yet … there is plenty
of scope for surprises out of China in the next 12 months, as they
try and drain the liquidity they’ve pumped in.”
Analysts said Chinese business conditions could further slow
with the onset of the New Year holiday, set to begin on Feb. 14.
“Combined with the fact that China’s cash flows are being
constrained through bank credit restrictions, they are probably also
seeking to hold their cash flows in because it’s the end of their
year,” said Justin Lennon, analyst with Mitsui Bussan Inc.
However, Chinese copper product makers expect demand to rise
after the holidays, despite Beijing’s moves to soak up liquidity.
[ID:nTOE61208R]
LME copper stocks fell 1,050 tonnes to total 539,425, while
stocks of aluminum, used in transport and packaging, fell 6,050
tonnes, but remained near record levels just below 4.6 million
tonnes.
Aluminum MAL3 ended at $2,045 a tonne from $2,083 at the close
on Wednesday. Steel ingredient nickel MNI3 at $17,725 from $18,195
and battery material lead MPB3 at $1,964.5 from $2,020 a tonne.
Zinc MZN3, used to galvanize steel, closed at $2,021 from
$2,095 and tin MSN3 was untraded at the close, but bid at $16,150
from $16,600 on Wednesday.
Metal Prices at 2018 GMT
Metal Last Change Pct Move End 2009 Ytd Pct
move
COMEX Cu 287.55 -9.80 -3.30 334.65 -14.07
LME Alum 2035.00 -48.00 -2.30 2230.00 -8.74
LME Cu 6376.50 -213.50 -3.24 7375.00 -13.54
LME Lead 1970.00 -50.00 -2.48 2432.00 -19.00
LME Nickel 17845.00 -455.00 -2.49 18525.00 -3.67
LME Tin 16050.00 -550.00 -3.31 16950.00 -5.31
LME Zinc 2055.00 -40.00 -1.91 2560.00 -19.73
SHFE Alu 16350.00 -210.00 -1.27 17160.00 -4.72
SHFE Cu* 54020.00 -1800.00 -3.22 59900.00 -9.82
SHFE Zin 17500.00 -485.00 -2.70 21195.00 -17.43
* 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading
on 26/3/07

LME Copper Inventory 03 Feb 2010

admin — Wed, 03 Feb 2010 09:10:02 +0000

LME Inventory Update

Copper -675MT

Lead +250MT

Zinc -100MT

Nickel -102MT

Aluminium -6600MT

Tin +30MT

LME Copper Inventory 02 Feb 2010

admin — Tue, 02 Feb 2010 09:44:02 +0000

LME Inventory:

Copper -2375 ,

Aluminum -3125,

Nickel -42,

Zinc +1875,

Lead +225,

Tin -360.

LME Copper Inventory 01 Feb 2010

admin — Mon, 01 Feb 2010 09:12:10 +0000

LME Inventory Update

Copper +2475MT

Lead +200MT

Zinc +425MT

Nickel +1062MT

Aluminium -625MT

Tin -110MT.

LME Copper Inventory 29 Jan 2010

admin — Fri, 29 Jan 2010 09:06:23 +0000

LME Inventory Update

Copper +875MT

Lead +1175MT

Zinc +50MT

Nickel +1290MT

Tin +165MT.

LME Copper Inventory 27 Jan 2010

admin — Wed, 27 Jan 2010 09:05:15 +0000

LME Inventory Update

Copper 5025MT

Lead +1725MT

Zinc +2275MT

Nickel +1116MT

Aluminium -3900MT

Tin +430MT.

LME Copper Inventory 25 Jan 2010

admin — Mon, 25 Jan 2010 09:09:25 +0000

LME Inventory Update :

Copper -800MT

Lead +225MT

Zinc +625MT

Nickel +516MT

Aluminium -4250MT

Tin -100MT.

LME Copper Inventory 22 Jan 2010

admin — Fri, 22 Jan 2010 09:39:05 +0000

LME Inventory Update

Copper -450MT

Lead +300MT

Zinc +1100MT

Nickel +564MT

Aluminium -5675MT

Tin +-50MT.

LME Copper Inventory 21 Jan 2010

admin — Thu, 21 Jan 2010 09:10:47 +0000

LME Inventory Update

Copper +8000MT

Lead +1000MT

Zinc +1350MT

Nickel +414MT

Aluminium +18525MT

Tin +-100MT

LME Copper Inventory 20 Jan 2010

admin — Wed, 20 Jan 2010 09:11:49 +0000

LME Inventory Update

Copper -100MT

Lead +750MT

Zinc +975MT

Nickel -330MT

Aluminium -950MT

Tin +25MT

LME Copper Inventory 19 Jan 2010

admin — Tue, 19 Jan 2010 09:41:30 +0000

LME Inventory:

Copper +3300,

Aluminum +43875,

Nickel -42 ,

Zinc -350,

Lead +75,

Tin +40

METALS-Shanghai copper to open steady on imports outlook..

admin — Tue, 19 Jan 2010 04:28:27 +0000

SHANGHAI, Jan 19 (Reuters) – Shanghai copper is expected to
open steady on Tuesday after a recovery in London in the
previous session, underpinned by optimism about Chinese imports
and a wide arbitrage window.
FUNDAMENTALS
* Benchmark copper for three-month delivery MCU3 on the
London Metal Exchange closed at $7,500 a tonne on Monday, up
from $7,430 at the close on Friday. It extended gains to $7,530
in after-hour trading.
* When Shanghai closed on Monday, LME copper stood at
$7,505 a tonne. The arbitrage window was open to the tune of
around 950 yuan, more than enough to encourage imports,
* The arbitrage, open since mid-December, was starting to
show up in LME stocks data. LME copper inventories fell for the
first time since late October, down 2,025 tonnes to 523,450
tonnes on Monday. More outflows may be on the cards with
traders reporting the potential cancellation of up to 40,000
tonnes of metal in Busan, South Korea.
* Demand for industrial metals looks set to improve this
year as Asian buying forges on, but the demand from
Organisation for Economic Cooperation and Development (OECD)
countries is still in question, according to the Bureau of
International Recycling. [ID:nLDE60D1AP]
* Lead smelters in Henan, China’s top lead producing
province, have been forced to scale down or shut production due
to insufficient power supply, smelter officials said.
[ID:nTOE60H08Y]
MARKET NEWS
* The U.S. dollar drifted lower on Tuesday as equity
markets stabilised and worries over Greece’s fiscal woes eased
just a little, favouring riskier trades in commodities and
related currencies. [USD/]
* Higher raw material prices, lifted by strong China demand
outlook and a weaker dollar, boosted commodity shares and
global equities on Monday. [MKTS/GLOB]
DATA/EVENTS
* The following data/event is expected on Tuesday:
- Japan December consumer confidence index (0500 GMT)
- UK Dec inflation data (0930 GMT)
- US net capital inflows/foreign treasury buys Nov(1400
GMT)
- US NAHB index for January (1800 GMT)
- ABC U.S. weekly consumer comfort index (2200 GMT)
RELATED NEWS > Inventory fall, investor cash boost copper
[ID:nLDE60H108] > Chile’s Pinera:Any Codelco sale needs public
OK[ID:nN18188909] > Kazakhmys says no plans to exit ENRC stake
now [ID:nLDE60H22G] > China’s Chalco warns of loss for 2009

LME Copper Inventory 18 Jan 2010

admin — Mon, 18 Jan 2010 09:05:23 +0000

LME Inventory Data:

Copper – 2025

Aluminum -5650

Nickle -330

Zinc -25

Lead +600

Tin +100.

LME Copper Inventory 15 Jan 2010

admin — Fri, 15 Jan 2010 09:35:27 +0000

LME Inventory:

Copper up 1500mt,

Lead up 450,

Nickle up 444mt,

Zinc down 25mt

Aluminum down 8450

Tin up 195mt.

Shanghai Weekly Inventory 15 Jan 2010

admin — Fri, 15 Jan 2010 09:21:45 +0000

Shanghai Weekly Inventory:

Copper +1774,

Aluminum +3085,

Zinc +3085.

LME COPPER INVENTORY 14 JAN 2010

admin — Thu, 14 Jan 2010 17:12:26 +0000

LME Inventory:

Copper +2200,

Aluminum -5575,

Nickel+1902 ,

Zinc -1050,

Lead +150,

Tin +140.

LME Copper Inventory 13 Jan 2010

admin — Wed, 13 Jan 2010 09:20:34 +0000

LME Inventory Update

Copper +4600MT

Lead +0MT

Zinc -50MT

Nickel -78MT

Aluminium -5250MT

Tin +15MT

LME Copper Inventory 12 Jan 2010

admin — Tue, 12 Jan 2010 09:06:41 +0000

LME Inventory Update

Copper +1975MT

Lead +50MT

Zinc -2050MT

Nickel -66MT

Aluminium -3675MT

Tin +15MT.

LME Copper Inventory 11 Jan 2010

admin — Mon, 11 Jan 2010 09:06:28 +0000

LME Inventory Update

Copper +4575MT

Lead +725MT

Zinc +575MT

Nickel +810MT

Aluminium -5500MT

Tin -60MT

LME Copper Inventory 07 Jan 2010

admin — Thu, 07 Jan 2010 10:11:09 +0000

LME Inventory Update

Copper +75MT

Lead +1300MT

Zinc +500MT

Nickel +426MT

Aluminium -4450MT

Tin +65MT.

LME Copper Inventory 06 Jan 2010

admin — Wed, 06 Jan 2010 11:42:12 +0000

LME Inventory:

Copper +2050,

Aluminum -4275,

Nickel -36,

Zinc +500,

Lead +675,

Tin – Unchanged

LME Copper Inventory 05 Jan 2010

admin — Tue, 05 Jan 2010 09:05:00 +0000

LME Inventory:

Copper +2950,

Aluminum -300,

Nickel – Unchanged,

Zinc -25,

Lead +400,

Tin – Unchanged

METALS-Shanghai copper to open up on U.S. data, weak dlr..

admin — Tue, 05 Jan 2010 05:26:59 +0000

SHANGHAI, Jan 5 - Shanghai copper is expected to
open higher on Tuesday, tracking gains in London prices in the
previous session, boosted by upbeat U.S. manufacturing data and
a weakness in dollar.

 FUNDAMENTALS

 * Three-month copper on the London Metal Exchange MCU3
rose $125 to close at $7,500 a tonne on Monday, and edged
higher to $7,506 in after-hour trading.

 * When Shanghai closed on Monday, LME copper stood at
$7,430 a tonne.

 * Investors were encouraged by upbeat U.S. manufacturing
sector data released on Monday, which showed the sector grew at
its fastest pace in nearly four years in December, its fifth
consecutive month of expansion. [ID:nN04237488]

 * But headwinds remain, as a separate report showed
construction spending in November fell to a more than six-year
low, dragged by a sharp decline in homebuilding.

 * In Chile, Codelco made an improved wage offer to workers
at its huge Chiquicamata copper mine in a bid to defuse a
day-old strike that had helped boost global copper prices.
[ID:nN04228293]

 * The five-month strike at Brazilian miner Vale's
(VALE5.SA: Quote) Voisey's Bay nickel mine in Canada is nowhere near
an end, as the mediated talks between Vale and union leaders
failed to bring the two sides back to the bargaining table.
[ID:nN04196713]

 * LME's nickel stocks rose 414 tonnes to a new all-time
high at 158,424 tonnes on Monday.

 MARKET NEWS

 * U.S. stocks climbed broadly on Monday after an upbeat
U.S. manufacturing sector data, lifting confidence in the
global economy as investors eye fourth-quarter earnings.
[ID:nN04247972]

 *  The U.S. dollar weakened as optimism about a global
economic recovery encouraged investors to seek riskier
investments such as stocks and commodities at the expense of
the greenback. [USD/]

 DATA/EVENTS

 * The following data is expected on Tuesday:

 - France consumer confidence                      (0745
GMT)

 - Germany unemployment rate, total                (0900
GMT)

 - Euro zone Consumer Prices Index (CPI) for Dec   (1000
GMT)

 - ICSC/Goldman Sachs weekly U.S. chain store sales(1245
GMT)

 - Canada producer prices, raw material prices     (1330
GMT)

 - Redbook weekly U.S. retail sales                (1355
GMT)

 - U.S. factory orders for November                (1500
GMT)

 - U.S. pending home sales, November               (1500
GMT)

 - U.S. auto sales

 RELATED NEWS
 > METALS-Copper rallies to 16-mth top on demand prospects
[ID:nLDE6030L4]
 > Chile Codelco makes offer to defuse Chuqui strike
[ID:nN04228293]
 > Vale, union say won't restart Voisey's Bay talks
[ID:nN04196713]
 > Venezuela may shut metal output to save power-paper
[ID:nN04240130]
 > Chalco raised alumina prices 5.7 pct on Dec 31
[ID:nTOE60308U]
 > FACTBOX-Chile's Codelco copper output since
2000[ID:nN04233919]

LME Copper Inventory 04 Jan 2010

admin — Mon, 04 Jan 2010 09:06:45 +0000

LME Inventory Update

Copper +75MT

Lead +275MT

Zinc +1075MT

Nickel +414MT

Aluminium -4475MT

Tin +30MT.

LME Copper Inventory 31 Dec 2009

admin — Thu, 31 Dec 2009 09:04:31 +0000

LME Inventory Update

Copper +6375MT

Lead +425MT

Zinc +1775MT

Nickel +4074MT

Aluminium +475MT

Tin -80MT.

METALS-Copper hits 16-month highs to end stellar year.

admin — Thu, 31 Dec 2009 08:20:44 +0000

* LME copper canters to 143 pct annual rise; ShFE up 150
pct * Lead up 145 percent in 2009; zinc and tin end firm * Strength to flow into 2010
(Updates prices) By Nick Trevethan SINGAPORE, Dec 31 (Reuters) – Copper prices rallied more
than 1 percent to 16-month highs on Thursday, powering towards
a strong close in the last few hours of the decade. The bullish mood that has lifted copper prices by more than
140 percent this year is expected to set the tone for early
2010. The copper rally also infected zinc MZN3, which hit its
highest since March last year, and tin MSN3, which was up to
its firmest in more than 12 months. The market shrugged off the overnight weight of a firmer
dollar and a 10,000-tonne rise in copper stocks, the biggest
increase in percentage terms since September. Traders said the increase was probably a move by someone to
convert inventory into cash to bolster year-end balance sheets.
Stocks have risen 46 percent this year to just below half a
million tonnes, the fifth increase in as many years. “The upward trend in the market remains, despite the jump
in LME copper stocks yesterday and the firm dollar. If the
dollar index remains in the range of 75 to 80, copper prices
are unlikely to be sensitive to its move,” said Peng Qiang, an
analyst at COFCO Futures. “But if the dollar breaks above the range, it will pressure
copper prices.” The dollar traded at 77.49 .DXY versus a basket of
currencies, down 0.6 percent, after having nudged towards
recent four-month highs. Unprecedented levels of Chinese imports, speculative
fervour and more lately, threats to supply, have pushed copper
from a 50-month low of $2,825 in December last year to $7,424
– about 20 percent short of an all-time high struck in
mid-2008. London Metal Exchange copper MCU3 rose 1.1 percent or $90
to $7,410 by 0701 GMT, the metal’s strongest since early
September 2008 and what would be its highest ever annual close. Benchmark third-month Shanghai copper SCFc3 rallied 1.5
percent to end at 59,900 yuan a tonne, its highest since late
August last year, up 151 percent on year. The more-active
fourth month, April, rose 1.5 percent to 60,020 yuan. LME copper is on course for an annual rise of 142 percent,
its strongest performance in more than three decades, while
Shanghai’s increase is its biggest ever. Injecting a little fizz into copper bulls’ New Year
celebrations is the imminent strike by workers at Chile’s giant
Chuquicamata mine, who are preparing to down tools within days
after owner Codelco, the world’s No. 1 copper miner, refused to
back down in a wage negotiation spat. [ID:nN30198207] Sources at Codelco [CODEL.UL] said the company for now has
decided not to seek government mediation to avoid a strike at
Chuquicamata, which produces around 4 percent of the world’s
mined copper, which means workers are set to walk off the job
on Monday, Jan. 4.
Base metals prices at 0701 GMT Metal Last Change
Pct Move End 2008 Pct chg 09
LME Cu 7410.00 80.00 +1.09 3060.00
142.16
SHFE Cu* 59900.00 910.00 +1.54 23840.00
151.26
LME Alum 2265.00 23.00 +1.03 1535.00
47.56
SHFE Alum* 17160.00 180.00 +1.06 11540.00
48.70
COMEX Cu** 332.55 0.00 +0.00 139.50
138.39
LME Zinc 2605.00 53.00 +2.08 1208.00
115.65
SHFE Zinc 21195.00 480.00 +2.32 10120.00
109.44
LME Nickel 18950.00 50.00 +0.26 11700.00
61.97
LME Lead 2450.00 39.00 +1.62 999.00
145.25
LME Tin 16750.00 50.00 +0.30 10700.00
56.54
LME/Shanghai arb^ -715
Dollar/yuan 6.8266 \ 6.8273
** 1st contract month for COMEX copper
* 3rd contact month for SHFE aluminium, copper and zinc
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month

LME Copper Inventory 30 Dec 2009

admin — Wed, 30 Dec 2009 09:04:53 +0000

LME Inventory Update

Copper +10025MT

Lead +850MT

Zinc +1800MT

Nickel +1038MT

Aluminium -1800MT

Tin +50MT.

LME Copper Inventory 29 Dec 2009

admin — Tue, 29 Dec 2009 09:16:10 +0000

LME Inventory Update

Copper +1125MT

Lead +950MT

Zinc +17750MT

Nickel +498MT

Aluminium -3575MT

Tin -45MT.

METALS-LME copper up 1.8 pct hits new 16 month high..

admin — Tue, 29 Dec 2009 06:32:44 +0000

SINGAPORE, Dec 29 – London copper prices leapt
almost 2 percent to a 16-month peak when trading resumed on
Tuesday after the Christmas break, chasing gains made in
Shanghai over the holiday period. FUNDAMENTALS * London Metal Exchange copper MCU3 jumped 1.8 percent to
$7,258 at 0111 GMT when the market re-opened after a four-day
hiatus. * Benchmark third-month Shanghai copper SCFc3 rose 50
yuan to 58,310 yuan a tonne, having scored a 16-month peak in
the previous session. The more-active fourth month, April, rose
10 yuan to 58,540 yuan. * Both markets are on course for annual rises of almost 150
percent. * Workers at Chile’s giant Chuquicamata copper mine are
expected to vote against strike action, heading off a risk at
world No. 1 producer Codelco, but the result is not a foregone
conclusion with some workers at least unhappy with the way
unions have conducted talks. * Elsewhere in Chile, union workers at the Altonorte
smelter, which accounts for about 1.5 percent of the world’s
output of copper anode, began an indefinite strike just as
owner Xstrata (XTA.L: Quote) cut output at the facility to minimum
levels for nearly a month for maintenance work. * Shanghai zinc SZNc3 dipped 70 yuan to 20,300, having
scored a 20-month high in the previous session, but aluminium
SAFc3 rose 0.7 percent to 16,900 yuan, a new 15-½ month
peak. MARKETS NEWS * U.S. stocks edged higher for a sixth straight day on
Monday as data indicating improved consumer spending lifted
shares of retailers, offsetting a drop in airline shares amid
security worries. The Dow Jones industrial average .DJI
gained 26.98 points, or 0.26 percent, to end at 10,547.08. [.N] * The dollar held firm against the yen and the euro on
Tuesday as investors looked ahead to the greenback’s direction
in the new year after a rally this month. The U.S. dollar index
.DXY rose 0.11 percent against a basket of currencies. [USD/] * Oil rose on Monday to touch a five-week high over $79 a
barrel as expectations of colder weather in the United States
and signs of economic recovery boosted the outlook for fuel
demand. [ID:nTOE5BRO5A] DATA/EVENTS ICSC/Goldman Sachs weekly U.S. chain store sales (1245
GMT) Redbook weekly U.S. retail sales (1355
GMT) U.S. S&P/Case-Shiller home price index for October(1400
GMT) U.S. consumer confidence for December (1500
GMT) ABC U.S. weekly consumer comfort index (2200
GMT)

LME Copper Inventory 28 Dec 2009

admin — Mon, 28 Dec 2009 09:08:51 +0000

LME Inventories data has not relesed to day Due to Boxing day Holiday….

LME Copper Inventory 24 Dec 2009

admin — Thu, 24 Dec 2009 09:10:09 +0000

LME Inventory:

Copper +2025,

Aluminum +1700,

Nickel +1836,

Zinc +1650,

Lead +100,

Tin +80.

LME Copper Inventory 23 Dec 2009

admin — Wed, 23 Dec 2009 09:43:40 +0000

LME Inventory:

Copper +1875,

Aluminum -1050,

Nickel -48,

Zinc +2800,

Lead +1000,

Tin +40 .

Copper ends lower on rising stocks, firmer dollar

admin — Wed, 23 Dec 2009 04:34:36 +0000

New York and London

— Copper prices closed down on Tuesday, as concerns about swollen inventory levels weighed on sentiment and investor position-squaring picked up pace as the dollar extended its late-year rally.

“The fundamentals of copper aren’t that fantastic at the moment and I think we are seeing some recognition of that. LME stocks continue to move higher,” said Dan Smith, a metals analyst at Standard Chartered.

Benchmark copper for March delivery on the New York Mercantile Exchange’s COMEX division shed 2.05 cents to end at $3.1380 a lb.

On the London Metal Exchange (LME), copper for three-months delivery ended at $6,881 (U.S.) a tonne, down from a close of $6,940 on Monday.

Highlighting still weak physical demand, copper stocks in LME warehouses rose 1,450 tonnes to total 480,900 tonnes, the highest since mid-April.

Additional pressure stemmed from the U.S. dollar, which rose to its highest level in nearly two months against the yen on Tuesday as U.S. bond yields rose after strong housing data underpinned expectations for a U.S. economic recovery.

Against the euro, the American currency hit a 3-1/2 month peak amid ongoing worries about Greece’s fiscal health.

“The dollar is up a little bit today, and that is causing some folks to lighten up ahead of the holidays,” said Sterling Smith, an analyst for Country Hedging Inc in St. Paul, Minnesota.

Some New York energy and commodity markets will close early on Thursday, Dec. 24, and all will be closed on Friday for Christmas Day.

Copper’s losses were limited however, as arbitrage opportunities between the Shanghai Futures Exchange and the LME suggested increased future shipments of the metal into China, the world’s top metals consumer.

“The one thing I am paying most attention to is the China price holding up against the LME,” said Catherine Virga, senior base metals analyst with CPM Group in New York.

“With arbitrage opportunities reappearing, I am expecting stronger imports early next year,” she said.

Data on Tuesday showed the metal giant’s refined copper imports climb 14.8 per cent in November, rebounding from a 40 per cent fall in October.

“There are Chinese manufacturers claiming they can’t meet demand for autos and appliances. It highlights the strength of Chinese consumer demand,” noted John Meyer, analyst at Fairfax.

In other metals traded, nickel ended at $17,750 from $17,900, with LME stocks rising 114 tonnes to 150,612, a whisker away from all-time record levels of 151,254 tonnes seen in 1994.

The stainless steel making ingredient hit six-week highs on Monday despite record stocks, following an announcement that Russia will reinstate a 5-per cent export tariff on the metal.

Elsewhere, aluminum ended at $2,242 from $2,268. Stocks of the metal in LME warehouses fell 3,525 tonnes but remained near record levels of around 4.6 million tonnes.

Much of the stock of the metal used in transport and packaging is tied up in financing deals however, so it is not available and its impact on prices is limited.

Zinc , used to galvanize steel, ended at $2,434 from $2,438, having hit its best level since March last year on Tuesday, while battery material lead was at $2,306 from $2,310. Tin traded at $15,825 from $15,900.

LME copper higher at $6,915-Ton.

admin — Wed, 23 Dec 2009 04:29:04 +0000

LME copper higher at $6,915/ton, up $35 vs PM kerb, retraces losses from overnight trading. Copper firm as downside on LME limited by re-emergence of arbitrage trading opportunity between Shanghai Futures Exchange copper futures and LME currently, says Sydney-based trader. Analysts expect arbitrage to trigger increased shipments of copper into China, to show up in import data in early 2010. Data released yesterday show China’s refined copper imports climbed 14.8% in November on-month, rebounding from a 40% fall in October. Also firming up sentiment was a small rise in the EUR/USD to $1.4266 after the euro fell to a 3-month low overnight; weaker USD tends to boost commodity markets.

LME Copper Inventory 22 Dec 2009

admin — Tue, 22 Dec 2009 20:25:48 +0000

COPPER +1450

ALUMINUM -3525

NICKEL +114

ZINC +5800

LEAD +200

TIN – NIL

LME Copper Inventory 18 Dec 2009

vasu — Fri, 18 Dec 2009 10:17:13 +0000