Copper Treads Water, Eyes Greece Resolution-Shanghai Metals Market

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Copper Treads Water, Eyes Greece Resolution

Industry News 10:01:17AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb 15 (Reuters) - London copper opened almost unchanged on Wednesday after falling for three sessions as markets waited for Greece to take the final steps to implement a debt deal and avert a messy default, while interest from top consumer China remained soft.   
   
Fundamentals
Three-month copper on the London Metal Exchange traded at $8,427.25 a tonne by 0118 GMT, up 0.15 percent.   

Copper posted a third straight session of losses on Tuesday and has been falling since it hit a five-month high of $8,765 a tonne last week. However, it is still up more than 10 percent so far this year.   

The most-traded May copper contract on the Shanghai Futures Exchange traded up 0.43 percent at 60,340 yuan a tonne.   
   
Euro zone finance ministers dropped plans on Tuesday for a special face-to-face meeting on Greece's new international bailout, saying political party chiefs in Athens had failed to provide the required commitment to reform.    

U.S. retail sales picked up last month after a sluggish December, providing a firm foundation for the economy's recovery.    

ThyssenKrupp, Germany's biggest steelmaker, swung to a surprise loss in the last quarter of 2011 on the back of asset writedowns, costs in Brazil and weak demand from customers rattled by Europe's debt crisis, which hit prices.
      
Fortescue Metals Group, Australia's third largest iron ore miner, nearly tripled its half-year net profit but cut its production guidance for the quarter because of disruptions caused by cyclones.   
       
Markets News

Markets consolidated on Wednesday as investors waited on Greece to demonstrate its commitment to deliver harsh reforms in exchange for a vital rescue deal, while European officials scaled back expectations Athens will live up to its promises.
    
The dollar held chunky gains chalked up overnight in Asia on Wednesday after the Bank of Japan expanded its asset-buying program the day before and with the euro hurt by more bad news from the euro zone.
       
    DATA/EVENTS       
    0630 - France Q4 GDP      
    0900 - Italy Q4 GDP    
    0700 - Germany GDP flash Q4      
    1000 - Euro Zone Eurostat Trade Balance for December      
    1000 - Euro Zone GDP Q4 Flash Estimate    
    1330 - New York Fed Empire State Survey for February   
    1415 - U.S. Industrial Production and Cap Use for January   
    1415 - Federal Reserve Bank Of Dallas President Fisher
Speaks   
    1500 - U.S. Treasury Secretary Timothy Geithner testifies,   
    1900 - FOMC Minutes   
       
   PRICES       
      
                                                            
  Base metals prices at 0118 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8427.25     12.25     +0.15     10.88
  SHFE CU FUT MAY2    60340       260     +0.43      9.00
  HG COPPER MAR2     383.05      1.60     +0.42     11.48
  LME Alum          2225.00     10.00     +0.45     10.15
  SHFE AL FUT MAY2    16235        20     +0.12      2.46
  LME Zinc          2053.00     21.00     +1.03     11.27
  SHFE ZN FUT APR2    15975        40     +0.25      7.98
  LME Nickel       20250.00    100.00     +0.50      8.23
  LME Lead          2092.00     17.50     +0.84      2.80
  SHFE PB FUT      15915.00     45.00     +0.28      4.12
  LME Tin          24350.00      0.00     +0.00     26.82
  LME/Shanghai arb^    1972
 
   Shanghai and COMEX contracts show most active months
    
 

Price

more
#1 Refined Cu
Apr.22
49450.0
20.0
(0.04%)
Yangshan Copper Premium(Bill of Lading)
Apr.22
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.22
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

Copper Treads Water, Eyes Greece Resolution

Industry News 10:01:17AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb 15 (Reuters) - London copper opened almost unchanged on Wednesday after falling for three sessions as markets waited for Greece to take the final steps to implement a debt deal and avert a messy default, while interest from top consumer China remained soft.   
   
Fundamentals
Three-month copper on the London Metal Exchange traded at $8,427.25 a tonne by 0118 GMT, up 0.15 percent.   

Copper posted a third straight session of losses on Tuesday and has been falling since it hit a five-month high of $8,765 a tonne last week. However, it is still up more than 10 percent so far this year.   

The most-traded May copper contract on the Shanghai Futures Exchange traded up 0.43 percent at 60,340 yuan a tonne.   
   
Euro zone finance ministers dropped plans on Tuesday for a special face-to-face meeting on Greece's new international bailout, saying political party chiefs in Athens had failed to provide the required commitment to reform.    

U.S. retail sales picked up last month after a sluggish December, providing a firm foundation for the economy's recovery.    

ThyssenKrupp, Germany's biggest steelmaker, swung to a surprise loss in the last quarter of 2011 on the back of asset writedowns, costs in Brazil and weak demand from customers rattled by Europe's debt crisis, which hit prices.
      
Fortescue Metals Group, Australia's third largest iron ore miner, nearly tripled its half-year net profit but cut its production guidance for the quarter because of disruptions caused by cyclones.   
       
Markets News

Markets consolidated on Wednesday as investors waited on Greece to demonstrate its commitment to deliver harsh reforms in exchange for a vital rescue deal, while European officials scaled back expectations Athens will live up to its promises.
    
The dollar held chunky gains chalked up overnight in Asia on Wednesday after the Bank of Japan expanded its asset-buying program the day before and with the euro hurt by more bad news from the euro zone.
       
    DATA/EVENTS       
    0630 - France Q4 GDP      
    0900 - Italy Q4 GDP    
    0700 - Germany GDP flash Q4      
    1000 - Euro Zone Eurostat Trade Balance for December      
    1000 - Euro Zone GDP Q4 Flash Estimate    
    1330 - New York Fed Empire State Survey for February   
    1415 - U.S. Industrial Production and Cap Use for January   
    1415 - Federal Reserve Bank Of Dallas President Fisher
Speaks   
    1500 - U.S. Treasury Secretary Timothy Geithner testifies,   
    1900 - FOMC Minutes   
       
   PRICES       
      
                                                            
  Base metals prices at 0118 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8427.25     12.25     +0.15     10.88
  SHFE CU FUT MAY2    60340       260     +0.43      9.00
  HG COPPER MAR2     383.05      1.60     +0.42     11.48
  LME Alum          2225.00     10.00     +0.45     10.15
  SHFE AL FUT MAY2    16235        20     +0.12      2.46
  LME Zinc          2053.00     21.00     +1.03     11.27
  SHFE ZN FUT APR2    15975        40     +0.25      7.98
  LME Nickel       20250.00    100.00     +0.50      8.23
  LME Lead          2092.00     17.50     +0.84      2.80
  SHFE PB FUT      15915.00     45.00     +0.28      4.12
  LME Tin          24350.00      0.00     +0.00     26.82
  LME/Shanghai arb^    1972
 
   Shanghai and COMEX contracts show most active months