Copper Starts Week Up, Greece Deal Fuels Rebound

Industry News 09:46:01AM Feb 13, 2012 Source:SMM

SHANGHAI, Feb 13 (Reuters) - London copper rallied on Monday, recovering from last week's sell-off that saw it post its first lower weekly close since early January after the safe passage of Greece's austerity bill brightened the allure of risky assets.    
   
Fundamentals

Three-month copper on the London Metal Exchange rallied by 0.37 percent to $8,516 a tonne by 0107 GMT, clawing back some losses from the previous session when prices fell 3 percent. Copper last week hit its highest in nearly five months at $8,765 and has rallied 12 percent so far this year.   

The most-traded April copper contract on the Shanghai     Futures Exchange slipped 1.3 percent to 60,740 yuan a tonne. 
     
Greece's parliament approved a deeply unpopular austerity bill on Monday to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country.    

The world's top aluminium producer, Russia's United Company RUSAL Plc, said on Monday that it may cut aluminium output by 6 percent in the next 18 months.
     
Excess capacity in aluminium smelting will drag on for years to come, even while losses weigh on producers, as political pressures in China and Russia to keep jobs and push self-sufficiency prevent or delay plant closures.    

Money managers in gold, silver and copper futures and options raised their net long position in the week of Feb. 7, as investor interest in the three metals continued to recover after a recent disappointing performance.    
   
Markets News   

Asian shares and the euro gained modestly on Monday, relieved by the Greek parliament's passage of austerity measures which put the country a step closer to securing a much-needed bailout fund and avoiding a messy default.      
            
   DATA/EVENTS   
   N/A -  Bank Of Japan Begins Two-Day Monetary Policy Review      
   0700 - Germany Wholesale Prices Index For January     
   N/A  - White House Releases Budget, Washington    
   2145 - New Zealand Food Price Index For January 
   PRICES       
                                                            
  Base metals prices at 0107 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8516.00     31.00     +0.37     12.05
  SHFE CU FUT APR2    60740      -820     -1.33      9.72
  HG COPPER MAR2     387.80      1.60     +0.41     12.86
  LME Alum          2257.00     14.00     +0.62     11.73
  SHFE AL FUT MAY2    16290       -35     -0.21      2.81
  LME Zinc          2095.00     18.00     +0.87     13.55
  SHFE ZN FUT APR2    15985      -145     -0.90      8.04
  LME Nickel       20800.00     95.00     +0.46     11.17
  LME Lead          2152.00     17.00     +0.80      5.75
  SHFE PB FUT      16080.00   -135.00     -0.83      5.20
  LME Tin          25045.00      0.00     +0.00     30.44
  LME/Shanghai arb^    2281
 
   Shanghai and COMEX contracts show most active months
   
 

Key Words:  London copper;rally 

Copper Starts Week Up, Greece Deal Fuels Rebound

Industry News 09:46:01AM Feb 13, 2012 Source:SMM

SHANGHAI, Feb 13 (Reuters) - London copper rallied on Monday, recovering from last week's sell-off that saw it post its first lower weekly close since early January after the safe passage of Greece's austerity bill brightened the allure of risky assets.    
   
Fundamentals

Three-month copper on the London Metal Exchange rallied by 0.37 percent to $8,516 a tonne by 0107 GMT, clawing back some losses from the previous session when prices fell 3 percent. Copper last week hit its highest in nearly five months at $8,765 and has rallied 12 percent so far this year.   

The most-traded April copper contract on the Shanghai     Futures Exchange slipped 1.3 percent to 60,740 yuan a tonne. 
     
Greece's parliament approved a deeply unpopular austerity bill on Monday to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country.    

The world's top aluminium producer, Russia's United Company RUSAL Plc, said on Monday that it may cut aluminium output by 6 percent in the next 18 months.
     
Excess capacity in aluminium smelting will drag on for years to come, even while losses weigh on producers, as political pressures in China and Russia to keep jobs and push self-sufficiency prevent or delay plant closures.    

Money managers in gold, silver and copper futures and options raised their net long position in the week of Feb. 7, as investor interest in the three metals continued to recover after a recent disappointing performance.    
   
Markets News   

Asian shares and the euro gained modestly on Monday, relieved by the Greek parliament's passage of austerity measures which put the country a step closer to securing a much-needed bailout fund and avoiding a messy default.      
            
   DATA/EVENTS   
   N/A -  Bank Of Japan Begins Two-Day Monetary Policy Review      
   0700 - Germany Wholesale Prices Index For January     
   N/A  - White House Releases Budget, Washington    
   2145 - New Zealand Food Price Index For January 
   PRICES       
                                                            
  Base metals prices at 0107 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8516.00     31.00     +0.37     12.05
  SHFE CU FUT APR2    60740      -820     -1.33      9.72
  HG COPPER MAR2     387.80      1.60     +0.41     12.86
  LME Alum          2257.00     14.00     +0.62     11.73
  SHFE AL FUT MAY2    16290       -35     -0.21      2.81
  LME Zinc          2095.00     18.00     +0.87     13.55
  SHFE ZN FUT APR2    15985      -145     -0.90      8.04
  LME Nickel       20800.00     95.00     +0.46     11.17
  LME Lead          2152.00     17.00     +0.80      5.75
  SHFE PB FUT      16080.00   -135.00     -0.83      5.20
  LME Tin          25045.00      0.00     +0.00     30.44
  LME/Shanghai arb^    2281
 
   Shanghai and COMEX contracts show most active months
   
 

Key Words:  London copper;rally