Shanghai Copper Futures Rise On State Housing Push-Shanghai Metals Market

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Shanghai Copper Futures Rise On State Housing Push

Industry News 05:22:13PM Feb 09, 2012 Source:SMM

BEIJING, Feb 09, 2012 (Dow Jones) --Copper futures rose on the Shanghai Futures Exchange Thursday, fueled by overnight euro strength and market sentiment that the government will renew a push for affordable housing projects, which are supportive for metals.

The most actively traded May copper contract settled 0.8% higher at CNY61,580 a metric ton.

Statements earlier this week from the People's Bank of China appear to be sustaining the rally, analysts said.

"Prices are finding support from reduced fears that the real estate market in China will implode and drag the country's entire economy down with it," Commerzbank said in a note.

The central bank said it will continue its policy of setting differentiated terms for mortgage loans this year while also strengthening support for the construction of affordable and public housing.

"The housing program and other infrastructural expansion measures should in the medium- to long-term result in high demand for metals," Commerzbank said.

Spot copper traded at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY60,400-60,550/ton, up from CNY59,400-59,550/ton Wednesday.

London Metal Exchange copper closed higher Wednesday on the back of a strong euro, but other base metals retreated as market confidence fell following reports that bailout plans to swap Greek debt may be held off.

Three-month copper was 1.2% higher at $8,580/ton at the afternoon kerb.

The contract was quoted marginally lower at $8,578/ton around 0700 GMT, when Shanghai closed.

Shanghai zinc and lead tracked copper higher Thursday, but aluminum settled lower.

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

Product     SHFE                   LME
Copper      May  61,580  Up  470   3Mo 8,580   Up     100.00
Aluminum    May  16,305  Down 15   3Mo 2,253   Down     1.50
Zinc        Apr  16,180  Up   25   3Mo 2,115   Down     4.00
Lead        Apr  16,215  Up    5   3Mo 2,181   Down     4.00





 

Key Words:  SHFE copper  

Shanghai Copper Futures Rise On State Housing Push

Industry News 05:22:13PM Feb 09, 2012 Source:SMM

BEIJING, Feb 09, 2012 (Dow Jones) --Copper futures rose on the Shanghai Futures Exchange Thursday, fueled by overnight euro strength and market sentiment that the government will renew a push for affordable housing projects, which are supportive for metals.

The most actively traded May copper contract settled 0.8% higher at CNY61,580 a metric ton.

Statements earlier this week from the People's Bank of China appear to be sustaining the rally, analysts said.

"Prices are finding support from reduced fears that the real estate market in China will implode and drag the country's entire economy down with it," Commerzbank said in a note.

The central bank said it will continue its policy of setting differentiated terms for mortgage loans this year while also strengthening support for the construction of affordable and public housing.

"The housing program and other infrastructural expansion measures should in the medium- to long-term result in high demand for metals," Commerzbank said.

Spot copper traded at the Changjiang Nonferrous Metals Trading Market, a major spot market in Shanghai, was quoted at CNY60,400-60,550/ton, up from CNY59,400-59,550/ton Wednesday.

London Metal Exchange copper closed higher Wednesday on the back of a strong euro, but other base metals retreated as market confidence fell following reports that bailout plans to swap Greek debt may be held off.

Three-month copper was 1.2% higher at $8,580/ton at the afternoon kerb.

The contract was quoted marginally lower at $8,578/ton around 0700 GMT, when Shanghai closed.

Shanghai zinc and lead tracked copper higher Thursday, but aluminum settled lower.

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

Product     SHFE                   LME
Copper      May  61,580  Up  470   3Mo 8,580   Up     100.00
Aluminum    May  16,305  Down 15   3Mo 2,253   Down     1.50
Zinc        Apr  16,180  Up   25   3Mo 2,115   Down     4.00
Lead        Apr  16,215  Up    5   3Mo 2,181   Down     4.00





 

Key Words:  SHFE copper