Copper Inches Up on Greece Deal; China Buyers Still Outc-Shanghai Metals Market

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Copper Inches Up on Greece Deal; China Buyers Still Outc

Industry News 10:14:51AM Feb 14, 2012 Source:SMM

SHANGHAI, Feb 14 (Reuters) - London copper steadied on Tuesday after a two-session losing streak, as investors cautiously welcomed Greece's approval of harsh austerity measures, but traders noted little buying from top consumer China.   
   
Fundamentals

Three-month copper on the London Metal Exchange gained 0.15 percent to trade at $8,437.50 a tonne by 0102 GMT, paring losses from the previous session. Prices remain within reach of near 5-month peaks of $8,765 a tonne reached last week.   

The most-traded May copper contract on the Shanghai Futures Exchange fell 0.79 percent to 60,290 yuan ($9,600) a tonne.
   
Greece has admitted it still faces a tough job in persuading the European Union and IMF to save it from bankruptcy even after parliament approved savage extra budget cuts, provoking a night of looting and burning in central Athens.
     
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.    

BHP Billiton and Rio Tinto have approved plans for a $4.5 billion expansion of the Escondida mine in Chile, the world's biggest copper mine, where BHP said on Tuesday the ore reserve estimate has been increased by 25 percent.    

Global miner BHP Billiton said on Tuesday it will restart copper mining at its Pinto Valley operation in the United States at the end of 2012. =   
   
Markets News   
Shares and the euro slipped on Tuesday, as initial relief over Greece's approval of harsh austerity measures in exchange for crucial aid gave way to doubts about Athens' ability to pursue the reforms, with social unrest intensifying.    
       
    DATA/EVENTS   
    1000 GMT - German Zew Survey for February    
    1000 GMT - EZ Industrial Output for December    
    1330 GMT - U.S. Retail Sales for January    
    1345 GMT - Federal Reserve Bank Of Philadelphia President     
       Plosser Speaks   
    1500 GMT - U.S. Business Inventories for December      
    1500 GMT - U.S. Treasury Secretary Geithner testifies.   
   PRICES       
                                                             
  Base metals prices at 0102 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8437.50     12.50     +0.15     11.02
  SHFE CU FUT MAY2    60290      -480     -0.79      8.91
  HG COPPER MAR2     384.00      0.05     +0.01     11.76
  LME Alum          2221.00     10.00     +0.45      9.95
  SHFE AL FUT MAY2    16260       -30     -0.18      2.62
  LME Zinc          2078.00      3.00     +0.14     12.63
  SHFE ZN FUT APR2    15900       -95     -0.59      7.47
  LME Nickel       20660.00    110.00     +0.54     10.42
  LME Lead          2125.00     10.00     +0.47      4.42
  SHFE PB FUT      15995.00    -95.00     -0.59      4.65
  LME Tin          24920.00    -80.00     -0.32     29.79
  LME/Shanghai arb^    2085
 
   Shanghai and COMEX contracts show most active months
 ($1 = 6.2971 Chinese yuan)   
   
 

Key Words:  London copper;steady 

Copper Inches Up on Greece Deal; China Buyers Still Outc

Industry News 10:14:51AM Feb 14, 2012 Source:SMM

SHANGHAI, Feb 14 (Reuters) - London copper steadied on Tuesday after a two-session losing streak, as investors cautiously welcomed Greece's approval of harsh austerity measures, but traders noted little buying from top consumer China.   
   
Fundamentals

Three-month copper on the London Metal Exchange gained 0.15 percent to trade at $8,437.50 a tonne by 0102 GMT, paring losses from the previous session. Prices remain within reach of near 5-month peaks of $8,765 a tonne reached last week.   

The most-traded May copper contract on the Shanghai Futures Exchange fell 0.79 percent to 60,290 yuan ($9,600) a tonne.
   
Greece has admitted it still faces a tough job in persuading the European Union and IMF to save it from bankruptcy even after parliament approved savage extra budget cuts, provoking a night of looting and burning in central Athens.
     
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.    

BHP Billiton and Rio Tinto have approved plans for a $4.5 billion expansion of the Escondida mine in Chile, the world's biggest copper mine, where BHP said on Tuesday the ore reserve estimate has been increased by 25 percent.    

Global miner BHP Billiton said on Tuesday it will restart copper mining at its Pinto Valley operation in the United States at the end of 2012. =   
   
Markets News   
Shares and the euro slipped on Tuesday, as initial relief over Greece's approval of harsh austerity measures in exchange for crucial aid gave way to doubts about Athens' ability to pursue the reforms, with social unrest intensifying.    
       
    DATA/EVENTS   
    1000 GMT - German Zew Survey for February    
    1000 GMT - EZ Industrial Output for December    
    1330 GMT - U.S. Retail Sales for January    
    1345 GMT - Federal Reserve Bank Of Philadelphia President     
       Plosser Speaks   
    1500 GMT - U.S. Business Inventories for December      
    1500 GMT - U.S. Treasury Secretary Geithner testifies.   
   PRICES       
                                                             
  Base metals prices at 0102 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8437.50     12.50     +0.15     11.02
  SHFE CU FUT MAY2    60290      -480     -0.79      8.91
  HG COPPER MAR2     384.00      0.05     +0.01     11.76
  LME Alum          2221.00     10.00     +0.45      9.95
  SHFE AL FUT MAY2    16260       -30     -0.18      2.62
  LME Zinc          2078.00      3.00     +0.14     12.63
  SHFE ZN FUT APR2    15900       -95     -0.59      7.47
  LME Nickel       20660.00    110.00     +0.54     10.42
  LME Lead          2125.00     10.00     +0.47      4.42
  SHFE PB FUT      15995.00    -95.00     -0.59      4.65
  LME Tin          24920.00    -80.00     -0.32     29.79
  LME/Shanghai arb^    2085
 
   Shanghai and COMEX contracts show most active months
 ($1 = 6.2971 Chinese yuan)   
   
 

Key Words:  London copper;steady