Copper Rebounds on Greece Hopes, Cuts Weekly Loss-Shanghai Metals Market

Hot Keywords

  • Zinc
  • MMi Iron Ore Port Index
  • Copper scrap
  • Copper
  • Market commentary
  • Aluminium
  • Nickel
  • price
  • Macroeconomics
  • Iron ore
  • Futures movement
  • Evening comments
  • Inventory data
  • battery
  • Production curbs

Copper Rebounds on Greece Hopes, Cuts Weekly Loss

Industry News 10:02:53AM Feb 17, 2012 Source:SMM

SINGAPORE, Feb 17 (Reuters) - Copper prices rose on Friday, with London futures gaining more than 1 percent and snapping a five-day losing streak, on optimism that debt-laden Greece would secure a second bailout next week to avert a default.   
   
Fundamentals

Three-month copper on the London Metal Exchange climbed 1.3 percent to $8,406.25 a tonne by 0124 GMT, after touching a three-week trough on Thursday.   

If copper builds on its gains, it could avoid falling for a second straight week. So far, copper is down less than 1 percent for the week.   

The most-traded May copper contract on the Shanghai Futures Exchange gained 1.5 percent to 60,100 yuan a tonne.   

Optimism is growing that Greece has finally done enough to secure a second bailout after it set out extra budget savings, boosting commodities and equities.
   
More evidence of a sustained recovery momentum in the U.S. economy is also lending support. U.S. data released on Thursday showed jobless claims falling to a near four-year low, solid growth in factory activity in the Mid-Atlantic area and a faster-than-expected rise in housing starts.   
      
Freeport McMoRan Copper & Gold Inc said it wants to extend its contract with Indonesia's government to enable it to run the world's second-biggest copper mine beyond 2021.
    
Markets News   
The euro clung to overnight gains in Asia, having risen on hopes that Greece was close to clinching a second bailout package, while improved risk appetite knocked the yen lower across the board.    

The S&P 500 hit a nine-month high on Thursday, fueled by strong U.S. economic data and increased hopes for a deal on a Greek bailout next week.    

U.S. crude futures held steady above $102 per barrel, supported by concerns about supply disruptions from Iran and hopes that an agreement on the Greece debt bailout plan would be reached next week.
       
    DATA/EVENTS (GMT)   
    1330 U.S. CPI                  Jan                     
    1500 U.S. Leading indicators   Jan   
    2030 U.S. CFTC commitment of traders data Weekly    
          
  Base metals prices at 0124 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8406.25    106.25     +1.28     10.61
  SHFE CU FUT MAY2    60100       890     +1.50      8.56
  HG COPPER MAR2     382.30      3.20     +0.84     11.26
  LME Alum          2185.00     25.00     +1.16      8.17
  SHFE AL FUT MAY2    16175        50     +0.31      2.08
  LME Zinc          2007.00     29.00     +1.47      8.78
  SHFE ZN FUT MAY2    15700        95     +0.61      6.12
  LME Nickel       20150.00    250.00     +1.26      7.70
  LME Lead          2040.00     25.00     +1.24      0.25
  SHFE PB FUT      15660.00     65.00     +0.42      2.45
  LME Tin          24350.00    345.00     +1.44     26.82
  LME/Shanghai arb^    1874
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 

Key Words:  copper;rebound 

Copper Rebounds on Greece Hopes, Cuts Weekly Loss

Industry News 10:02:53AM Feb 17, 2012 Source:SMM

SINGAPORE, Feb 17 (Reuters) - Copper prices rose on Friday, with London futures gaining more than 1 percent and snapping a five-day losing streak, on optimism that debt-laden Greece would secure a second bailout next week to avert a default.   
   
Fundamentals

Three-month copper on the London Metal Exchange climbed 1.3 percent to $8,406.25 a tonne by 0124 GMT, after touching a three-week trough on Thursday.   

If copper builds on its gains, it could avoid falling for a second straight week. So far, copper is down less than 1 percent for the week.   

The most-traded May copper contract on the Shanghai Futures Exchange gained 1.5 percent to 60,100 yuan a tonne.   

Optimism is growing that Greece has finally done enough to secure a second bailout after it set out extra budget savings, boosting commodities and equities.
   
More evidence of a sustained recovery momentum in the U.S. economy is also lending support. U.S. data released on Thursday showed jobless claims falling to a near four-year low, solid growth in factory activity in the Mid-Atlantic area and a faster-than-expected rise in housing starts.   
      
Freeport McMoRan Copper & Gold Inc said it wants to extend its contract with Indonesia's government to enable it to run the world's second-biggest copper mine beyond 2021.
    
Markets News   
The euro clung to overnight gains in Asia, having risen on hopes that Greece was close to clinching a second bailout package, while improved risk appetite knocked the yen lower across the board.    

The S&P 500 hit a nine-month high on Thursday, fueled by strong U.S. economic data and increased hopes for a deal on a Greek bailout next week.    

U.S. crude futures held steady above $102 per barrel, supported by concerns about supply disruptions from Iran and hopes that an agreement on the Greece debt bailout plan would be reached next week.
       
    DATA/EVENTS (GMT)   
    1330 U.S. CPI                  Jan                     
    1500 U.S. Leading indicators   Jan   
    2030 U.S. CFTC commitment of traders data Weekly    
          
  Base metals prices at 0124 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8406.25    106.25     +1.28     10.61
  SHFE CU FUT MAY2    60100       890     +1.50      8.56
  HG COPPER MAR2     382.30      3.20     +0.84     11.26
  LME Alum          2185.00     25.00     +1.16      8.17
  SHFE AL FUT MAY2    16175        50     +0.31      2.08
  LME Zinc          2007.00     29.00     +1.47      8.78
  SHFE ZN FUT MAY2    15700        95     +0.61      6.12
  LME Nickel       20150.00    250.00     +1.26      7.70
  LME Lead          2040.00     25.00     +1.24      0.25
  SHFE PB FUT      15660.00     65.00     +0.42      2.45
  LME Tin          24350.00    345.00     +1.44     26.82
  LME/Shanghai arb^    1874
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 

Key Words:  copper;rebound