Shanghai Copper Futures Fall On LME, Greek Talks-Shanghai Metals Market

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Shanghai Copper Futures Fall On LME, Greek Talks

Industry News 05:19:52PM Feb 07, 2012 Source:SMM

BEIJING, Feb 07, 2012 (Dow Jones) -- Copper futures slipped on the Shanghai Futures Exchange Tuesday, as a softer London complex, overnight dollar strength and a resumption of worries over Greek debt damped market sentiment.

The most actively traded April copper contract settled 0.6% lower at CNY60,280/ton.

Bearish comments from the China Nonferrous Metals Industry Association's deputy chairman, Jia Mingxing, weakened sentiment further, with Jia saying average prices for China's base metals would likely decline this year compared with 2011.

"The economic environment is complex and domestic development is uneven," he said.

Global metal markets weakened as more complications emerged in Greece's bailout negotiations, with investors shifting their attention away from U.S. newsflow.

"We remain doubtful that [improving] U.S. [economic data] will strengthen enough to pick up the slack from a still slowing Chinese economy," Standard Bank analyst Marc Ground said.

Spot copper traded at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY59,400-59,550/ton, down from CNY59,650-59,800/ton Monday.

London Metal Exchange base metals closed lower Monday as investors became more cautious amid an apparent deadlock in Greece's restructuring talks.

Three-month copper fell 0.8% to $8,500/ton on its afternoon kerb close.

The contract was quoted 0.5% lower at $8,457/ton around 0700 GMT, when Shanghai closed.

Shanghai aluminum, zinc and lead tracked copper lower Tuesday.

Following are Tuesday's settlement prices in yuan a metric ton and LME late kerb prices from Monday in dollars a ton:

SHFE                  LME
Copper      Apr  60,280  Down 370 3Mo 8,500  Down 60
Aluminum    May  16,260  Down  80 3Mo 2,223  Down 24
Zinc        Apr  16,045  Down 135 3Mo 2,130  Down 24
Lead        Apr  16,120  Down 170 3Mo 2,180  Down 44





 

Key Words:  Shanghai copper  

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Shanghai Copper Futures Fall On LME, Greek Talks

Industry News 05:19:52PM Feb 07, 2012 Source:SMM

BEIJING, Feb 07, 2012 (Dow Jones) -- Copper futures slipped on the Shanghai Futures Exchange Tuesday, as a softer London complex, overnight dollar strength and a resumption of worries over Greek debt damped market sentiment.

The most actively traded April copper contract settled 0.6% lower at CNY60,280/ton.

Bearish comments from the China Nonferrous Metals Industry Association's deputy chairman, Jia Mingxing, weakened sentiment further, with Jia saying average prices for China's base metals would likely decline this year compared with 2011.

"The economic environment is complex and domestic development is uneven," he said.

Global metal markets weakened as more complications emerged in Greece's bailout negotiations, with investors shifting their attention away from U.S. newsflow.

"We remain doubtful that [improving] U.S. [economic data] will strengthen enough to pick up the slack from a still slowing Chinese economy," Standard Bank analyst Marc Ground said.

Spot copper traded at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY59,400-59,550/ton, down from CNY59,650-59,800/ton Monday.

London Metal Exchange base metals closed lower Monday as investors became more cautious amid an apparent deadlock in Greece's restructuring talks.

Three-month copper fell 0.8% to $8,500/ton on its afternoon kerb close.

The contract was quoted 0.5% lower at $8,457/ton around 0700 GMT, when Shanghai closed.

Shanghai aluminum, zinc and lead tracked copper lower Tuesday.

Following are Tuesday's settlement prices in yuan a metric ton and LME late kerb prices from Monday in dollars a ton:

SHFE                  LME
Copper      Apr  60,280  Down 370 3Mo 8,500  Down 60
Aluminum    May  16,260  Down  80 3Mo 2,223  Down 24
Zinc        Apr  16,045  Down 135 3Mo 2,130  Down 24
Lead        Apr  16,120  Down 170 3Mo 2,180  Down 44





 

Key Words:  Shanghai copper