Copper Eases As Greece Worries Outweigh U.S. Jobs-Shanghai Metals Market

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Copper Eases As Greece Worries Outweigh U.S. Jobs

Industry News 10:58:22AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb 6 (Reuters) - London copper eased on Monday as caution ahead of a European Union meeting concerning a painful debt bailout deal for Greece  overshadowed Friday's U.S. jobs data that showed a brightening picture for the world's top economy.   
   
Fundamentals

Three-month copper on the London Metal Exchange traded at $8,558.25 a tonne by 0130 GMT, down 0.2 percent from the previous session. Copper hit a one week-high on Friday of $8,598.50 when it closed out a fourth consecutive week of gains.   

The most-traded April copper contract on the Shanghai Futures Exchange rose by 1.67 percent to 60,820 yuan a tonne.   

Worries about Greece somewhat overshadowed Friday's confidence-boosting U.S. jobs data, which showed the world's biggest economy created jobs at the fastest pace in nine months in January. That took the unemployment rate to a three-year low of 8.3 percent.    

Greece's coalition parties must tell the European Union by Monday whether they accept the painful terms of a new bailout deal worth 130 billion euros in order to avoid a disorderly default.      
An $80 billion marriage of commodities trader Glencore International and global miner Xstrata Plc could lead to a new round of takeovers in iron ore, creating a goliath eager to muscle its way onto one of mining's richest and most closely guarded sectors.
   
Shareholders in Xstrata are set to receive 2.8 shares in Glencore for each share held as the two firms try to seal a deal, the Financial Times reported on Monday    
 
Markets News  
     
Asian shares rose on Monday as the surprisingly robust U.S. jobs data bolstered investor risk appetite for shares.
        
However, the euro took a bit of a hit first thing in Asia with markets getting anxious as the deadline for Greece to clinch a second rescue package loomed large.    
   
DATA/EVENTS   
0930 - Euro zone Sentix Index for February    
1100 - Germany Industrial Orders for December       
1400 - Federal Reserve Bank of St. Louis President Bullard     
       Speaks, Chicago, Illinois    
1715 - IMF's Blanchard Event, Washington    
1735 - Federal Reserve Bank of Dallas President Fisher     
       Speaks, Washington    
PRICES   
                                                               
  Base metals prices at 0130 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8558.25    -16.75     -0.20     12.61
  SHFE CU FUT APR2    60820      1000     +1.67      9.86
  HG COPPER MAR2     388.90     -1.25     -0.32     13.18
  LME Alum          2249.00      2.00     +0.09     11.34
  SHFE AL FUT APR2    16260        70     +0.43      2.62
  LME Zinc          2149.00     -6.00     -0.28     16.48
  SHFE ZN FUT APR2    16190       235     +1.47      9.43
  LME Nickel       21270.00    -35.00     -0.16     13.68
  LME Lead          2236.00     11.00     +0.49      9.88
  SHFE PB FUT      16280.00    135.00     +0.84      6.51
  LME Tin          24400.00      0.00     +0.00     27.08
  LME/Shanghai arb^    2287
 
   Shanghai and COMEX contracts show most active months
   
 

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Copper Eases As Greece Worries Outweigh U.S. Jobs

Industry News 10:58:22AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb 6 (Reuters) - London copper eased on Monday as caution ahead of a European Union meeting concerning a painful debt bailout deal for Greece  overshadowed Friday's U.S. jobs data that showed a brightening picture for the world's top economy.   
   
Fundamentals

Three-month copper on the London Metal Exchange traded at $8,558.25 a tonne by 0130 GMT, down 0.2 percent from the previous session. Copper hit a one week-high on Friday of $8,598.50 when it closed out a fourth consecutive week of gains.   

The most-traded April copper contract on the Shanghai Futures Exchange rose by 1.67 percent to 60,820 yuan a tonne.   

Worries about Greece somewhat overshadowed Friday's confidence-boosting U.S. jobs data, which showed the world's biggest economy created jobs at the fastest pace in nine months in January. That took the unemployment rate to a three-year low of 8.3 percent.    

Greece's coalition parties must tell the European Union by Monday whether they accept the painful terms of a new bailout deal worth 130 billion euros in order to avoid a disorderly default.      
An $80 billion marriage of commodities trader Glencore International and global miner Xstrata Plc could lead to a new round of takeovers in iron ore, creating a goliath eager to muscle its way onto one of mining's richest and most closely guarded sectors.
   
Shareholders in Xstrata are set to receive 2.8 shares in Glencore for each share held as the two firms try to seal a deal, the Financial Times reported on Monday    
 
Markets News  
     
Asian shares rose on Monday as the surprisingly robust U.S. jobs data bolstered investor risk appetite for shares.
        
However, the euro took a bit of a hit first thing in Asia with markets getting anxious as the deadline for Greece to clinch a second rescue package loomed large.    
   
DATA/EVENTS   
0930 - Euro zone Sentix Index for February    
1100 - Germany Industrial Orders for December       
1400 - Federal Reserve Bank of St. Louis President Bullard     
       Speaks, Chicago, Illinois    
1715 - IMF's Blanchard Event, Washington    
1735 - Federal Reserve Bank of Dallas President Fisher     
       Speaks, Washington    
PRICES   
                                                               
  Base metals prices at 0130 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8558.25    -16.75     -0.20     12.61
  SHFE CU FUT APR2    60820      1000     +1.67      9.86
  HG COPPER MAR2     388.90     -1.25     -0.32     13.18
  LME Alum          2249.00      2.00     +0.09     11.34
  SHFE AL FUT APR2    16260        70     +0.43      2.62
  LME Zinc          2149.00     -6.00     -0.28     16.48
  SHFE ZN FUT APR2    16190       235     +1.47      9.43
  LME Nickel       21270.00    -35.00     -0.16     13.68
  LME Lead          2236.00     11.00     +0.49      9.88
  SHFE PB FUT      16280.00    135.00     +0.84      6.51
  LME Tin          24400.00      0.00     +0.00     27.08
  LME/Shanghai arb^    2287
 
   Shanghai and COMEX contracts show most active months