Shanghai Copper Futures Rise On Cues From LME, Equities-Shanghai Metals Market

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Shanghai Copper Futures Rise On Cues From LME, Equities

Industry News 04:50:10PM Feb 08, 2012 Source:SMM

BEIJING, Feb 08, 2012 (Dow Jones) -- Copper futures rose on the Shanghai Futures Exchange Wednesday, tracking stronger domestic equities and overnight gains in most base metals in London after optimism over Greek debt talks strengthened the euro.

The most actively traded May copper contract settled 1% higher at CNY61,110/ton.

"Domestic equities are the main cue for copper today, which also factored in stronger U.S. markets and a stronger euro overnight," Shanghai Cifco Futures analyst Wang Zhouyi said.

Upgrades to electricity grids in newly developing inland areas has increased demand for copper and contributed to lower domestic inventories compared with year-ago levels, Barclays Capital said in a note.

"Even with much slower refined demand growth and strong domestic mine production growth, China's need for copper imports in one form of another will continue to grow this year," Barclays said.

Spot copper at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY59,400-59,550/ton, unchanged from Tuesday.

London Metal Exchange base metals closed mostly higher Tuesday due to a stronger euro. Three-month copper ended the afternoon kerb 0.2% lower at $8,480/ton.

The contract was quoted 1.7% higher at $8,620/ton around 0700 GMT, when Shanghai closed.

Shanghai aluminum, zinc and lead tracked copper higher Wednesday.

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

SHFE                 LME
Copper      May  61,110  Up 620  3Mo 8,480   Down 20
Aluminum    May  16,320  Up  60  3Mo 2,254.5 Up 31.5
Zinc        Apr  16,155  Up 110  3Mo 2,119   Down 11
Lead        Apr  16,210  Up  90  3Mo 2,186   Up    6








 

Key Words:  Shanghai copper;rise 

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Shanghai Copper Futures Rise On Cues From LME, Equities

Industry News 04:50:10PM Feb 08, 2012 Source:SMM

BEIJING, Feb 08, 2012 (Dow Jones) -- Copper futures rose on the Shanghai Futures Exchange Wednesday, tracking stronger domestic equities and overnight gains in most base metals in London after optimism over Greek debt talks strengthened the euro.

The most actively traded May copper contract settled 1% higher at CNY61,110/ton.

"Domestic equities are the main cue for copper today, which also factored in stronger U.S. markets and a stronger euro overnight," Shanghai Cifco Futures analyst Wang Zhouyi said.

Upgrades to electricity grids in newly developing inland areas has increased demand for copper and contributed to lower domestic inventories compared with year-ago levels, Barclays Capital said in a note.

"Even with much slower refined demand growth and strong domestic mine production growth, China's need for copper imports in one form of another will continue to grow this year," Barclays said.

Spot copper at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY59,400-59,550/ton, unchanged from Tuesday.

London Metal Exchange base metals closed mostly higher Tuesday due to a stronger euro. Three-month copper ended the afternoon kerb 0.2% lower at $8,480/ton.

The contract was quoted 1.7% higher at $8,620/ton around 0700 GMT, when Shanghai closed.

Shanghai aluminum, zinc and lead tracked copper higher Wednesday.

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

SHFE                 LME
Copper      May  61,110  Up 620  3Mo 8,480   Down 20
Aluminum    May  16,320  Up  60  3Mo 2,254.5 Up 31.5
Zinc        Apr  16,155  Up 110  3Mo 2,119   Down 11
Lead        Apr  16,210  Up  90  3Mo 2,186   Up    6








 

Key Words:  Shanghai copper;rise