Copper Ticks Lower, Upbeat US Data Caps Losses-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • MMi Iron Ore Port Index
  • Copper
  • Copper scrap
  • Rare earth
  • Futures movement
  • Production data
  • Aluminum
  • Morning comments
  • Inventory data
  • Evening comments
  • aluminum
  • Weiwang
  • Nickel

Copper Ticks Lower, Upbeat US Data Caps Losses

Industry News 10:09:06AM Feb 28, 2012 Source:SMM

SINGAPORE, Feb 28 (Reuters) - London copper futures edged lower on Tuesday, weighed down by slow demand from top consumer China, although more signs of a mending U.S. economy are helping limit any losses.   
   
Fundamentals

Three-month copper on the London Metal Exchange slipped 0.2 percent to $8,517.75 a tonne by 0115 GMT, after ending nearly flat on Monday.   

Copper has gained 12 percent this year, but has been struggling to trade higher, given slack Chinese demand since after the Lunar New Year break in January. Copper has lost 2.8 percent since hitting a five-month high of $8,765 on Feb. 9.   
The most-traded May copper contract on the Shanghai

Futures Exchange gained 0.4 percent to 60,620 yuan ($9,600) a tonne.   

Diversified miner Teck Resources believes concerns about a slowdown in the Chinese economy are overblown. Chief Executive Don Lindsay said recent economic data and Beijing's latest cut in the bank reserve requirement ratio suggest neither a hard nor soft landing will occur.
    
Continuously positive economic data out of the United States is helping shield copper from a sell-off. There was further evidence of a recovering U.S. housing market on Tuesday, with data showing that contracts to purchase previously owned U.S. homes neared a two-year high in January. That data, along with oil's fall, helped the S&P 500 close at its highest since
June 2008.    

In the troubled euro zone, Standard & Poor's cut Greece's long-term ratings to 'selective default', the second ratings agency to proceed with a widely expected downgrade after the country announced a bond swap plan to lighten its debt burden.
 
Markets News   

The euro nursed modest losses in Asia on Tuesday, while the yen held on to overnight gains ahead of another flood of cheap cash from the European Central Bank that could bolster risk appetite and put the yen under pressure again.    

The benchmark S&P 500 closed at its highest level since mid-2008 on Monday, extending gains for a third session as oil prices retreated after a recent rally and data showed further improvement in the U.S. housing market.    

Oil futures extended losses in early Asian trading, snapping a recent surge that threatened to hurt the fragile global economy, while concerns over supply from the Middle East helped stem the slide.    
           
    DATA/EVENTS (GMT)   
    1000  EZ    Business climate        Feb         
    1000  EZ    Economic sentiment      Feb         
    1400  U.S.  CaseShiller 20 mm nsa   Dec          
    1400  U.S.  CaseShiller 20 yy       Dec         
    1500  U.S.  Consumer confidence     Feb        
           
  Base metals prices at 0115 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8517.75    -18.25     -0.21     12.08
  SHFE CU FUT MAY2    60620       220     +0.36      9.50
  HG COPPER MAR2     387.00     -1.05     -0.27     12.63
  LME Alum          2330.00     -1.00     -0.04     15.35
  SHFE AL FUT MAY2    16280        25     +0.15      2.75
  LME Zinc          2094.00     -6.00     -0.29     13.50
  SHFE ZN FUT MAY2    16060       110     +0.69      8.55
  LME Nickel       20175.00      0.00     +0.00      7.83
  LME Lead          2238.00     -9.00     -0.40      9.98
  SHFE PB FUT      16220.00     90.00     +0.56      6.12
  LME Tin          23705.00      0.00     +0.00     23.46
  LME/Shanghai arb^    2179
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 
($1=6.3019 Chinese yuan)   
 

Copper Ticks Lower, Upbeat US Data Caps Losses

Industry News 10:09:06AM Feb 28, 2012 Source:SMM

SINGAPORE, Feb 28 (Reuters) - London copper futures edged lower on Tuesday, weighed down by slow demand from top consumer China, although more signs of a mending U.S. economy are helping limit any losses.   
   
Fundamentals

Three-month copper on the London Metal Exchange slipped 0.2 percent to $8,517.75 a tonne by 0115 GMT, after ending nearly flat on Monday.   

Copper has gained 12 percent this year, but has been struggling to trade higher, given slack Chinese demand since after the Lunar New Year break in January. Copper has lost 2.8 percent since hitting a five-month high of $8,765 on Feb. 9.   
The most-traded May copper contract on the Shanghai

Futures Exchange gained 0.4 percent to 60,620 yuan ($9,600) a tonne.   

Diversified miner Teck Resources believes concerns about a slowdown in the Chinese economy are overblown. Chief Executive Don Lindsay said recent economic data and Beijing's latest cut in the bank reserve requirement ratio suggest neither a hard nor soft landing will occur.
    
Continuously positive economic data out of the United States is helping shield copper from a sell-off. There was further evidence of a recovering U.S. housing market on Tuesday, with data showing that contracts to purchase previously owned U.S. homes neared a two-year high in January. That data, along with oil's fall, helped the S&P 500 close at its highest since
June 2008.    

In the troubled euro zone, Standard & Poor's cut Greece's long-term ratings to 'selective default', the second ratings agency to proceed with a widely expected downgrade after the country announced a bond swap plan to lighten its debt burden.
 
Markets News   

The euro nursed modest losses in Asia on Tuesday, while the yen held on to overnight gains ahead of another flood of cheap cash from the European Central Bank that could bolster risk appetite and put the yen under pressure again.    

The benchmark S&P 500 closed at its highest level since mid-2008 on Monday, extending gains for a third session as oil prices retreated after a recent rally and data showed further improvement in the U.S. housing market.    

Oil futures extended losses in early Asian trading, snapping a recent surge that threatened to hurt the fragile global economy, while concerns over supply from the Middle East helped stem the slide.    
           
    DATA/EVENTS (GMT)   
    1000  EZ    Business climate        Feb         
    1000  EZ    Economic sentiment      Feb         
    1400  U.S.  CaseShiller 20 mm nsa   Dec          
    1400  U.S.  CaseShiller 20 yy       Dec         
    1500  U.S.  Consumer confidence     Feb        
           
  Base metals prices at 0115 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8517.75    -18.25     -0.21     12.08
  SHFE CU FUT MAY2    60620       220     +0.36      9.50
  HG COPPER MAR2     387.00     -1.05     -0.27     12.63
  LME Alum          2330.00     -1.00     -0.04     15.35
  SHFE AL FUT MAY2    16280        25     +0.15      2.75
  LME Zinc          2094.00     -6.00     -0.29     13.50
  SHFE ZN FUT MAY2    16060       110     +0.69      8.55
  LME Nickel       20175.00      0.00     +0.00      7.83
  LME Lead          2238.00     -9.00     -0.40      9.98
  SHFE PB FUT      16220.00     90.00     +0.56      6.12
  LME Tin          23705.00      0.00     +0.00     23.46
  LME/Shanghai arb^    2179
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 
($1=6.3019 Chinese yuan)