Shanghai Copper Dips on U.S. Payrolls Data, China Inflation

Industry News 10:08:07AM Apr 09, 2012 Source:SMM

SHANGHAI, April 9 (Reuters) - Shanghai copper fell 0.8 percent on Monday after data showed a much slower pace in U.S. jobs creation and inflation in China rising faster than expected, dimming the global outlook for copper demand.   
   
Fundamentals

The most active July copper contract on the Shanghai Futures Exchange fell to 59,980 yuan ($9,500) per tonne by 0142 GMT, after falling 0.7 percent on Friday.   

China's March Consumer Price Index, which measures inflation, rose more than expected, inching up 0.2 percent from the previous month and 3.6 percent from the year before.
    
China's March Producer Price Index fell 0.3 percent from a year ago, more than the expected 0.2 percent fall.  
      
U.S. employers hired far fewer workers in March than in previous months, keeping the door open for the Federal Reserve to provide more monetary support for a still sluggish economy.
    
Romania has backed out of a deal to sell its biggest copper mine to Canada's Roman Copper Corp, its economy minister said on Saturday, further delaying the country's long-awaited privatisation programme.    

The London Metal Exchange is closed for the Easter Holiday until Tuesday.   
        
Market News   

Asian shares fell on Monday as a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world's largest economy, making investors cautious ahead of more U.S. data and earnings as well as figures from China due this week.
    
The dollar hit a one-month low versus the yen on Monday, extending losses after last week's lower-than-expected U.S. jobs figures bolstered views the Federal Reserve could yet adopt more monetary easing to support the economy.    
                
    DATA/EVENTS (GMT):   
0130  China     PPI                               Mar
    
0130  China     CPI                               Mar
    
1230 Chicago Fed Midwest Manufacturing index      Feb    
1400 E.S. employment trend index                  March    
2315 Federal Reserve Chairman Ben Bernanke speaks   
    
                                                             
  Base metals prices at 0142 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  SHFE CU FUT JUL2    59980      -460     -0.76      8.35
  SHFE AL FUT JUL2    16245       -30     -0.18      2.56
  HG COPPER MAY2     378.00     -1.55     -0.41     10.01
  SHFE ZN FUT JUL2    15600       -70     -0.45      5.44
  SHFE PB FUT         15630       -50     -0.32      2.22
 
   Shanghai and COMEX contracts show most active months
 ($1 = 6.3153 Chinese yuan)   
 

Shanghai Copper Dips on U.S. Payrolls Data, China Inflation

Industry News 10:08:07AM Apr 09, 2012 Source:SMM

SHANGHAI, April 9 (Reuters) - Shanghai copper fell 0.8 percent on Monday after data showed a much slower pace in U.S. jobs creation and inflation in China rising faster than expected, dimming the global outlook for copper demand.   
   
Fundamentals

The most active July copper contract on the Shanghai Futures Exchange fell to 59,980 yuan ($9,500) per tonne by 0142 GMT, after falling 0.7 percent on Friday.   

China's March Consumer Price Index, which measures inflation, rose more than expected, inching up 0.2 percent from the previous month and 3.6 percent from the year before.
    
China's March Producer Price Index fell 0.3 percent from a year ago, more than the expected 0.2 percent fall.  
      
U.S. employers hired far fewer workers in March than in previous months, keeping the door open for the Federal Reserve to provide more monetary support for a still sluggish economy.
    
Romania has backed out of a deal to sell its biggest copper mine to Canada's Roman Copper Corp, its economy minister said on Saturday, further delaying the country's long-awaited privatisation programme.    

The London Metal Exchange is closed for the Easter Holiday until Tuesday.   
        
Market News   

Asian shares fell on Monday as a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world's largest economy, making investors cautious ahead of more U.S. data and earnings as well as figures from China due this week.
    
The dollar hit a one-month low versus the yen on Monday, extending losses after last week's lower-than-expected U.S. jobs figures bolstered views the Federal Reserve could yet adopt more monetary easing to support the economy.    
                
    DATA/EVENTS (GMT):   
0130  China     PPI                               Mar
    
0130  China     CPI                               Mar
    
1230 Chicago Fed Midwest Manufacturing index      Feb    
1400 E.S. employment trend index                  March    
2315 Federal Reserve Chairman Ben Bernanke speaks   
    
                                                             
  Base metals prices at 0142 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  SHFE CU FUT JUL2    59980      -460     -0.76      8.35
  SHFE AL FUT JUL2    16245       -30     -0.18      2.56
  HG COPPER MAY2     378.00     -1.55     -0.41     10.01
  SHFE ZN FUT JUL2    15600       -70     -0.45      5.44
  SHFE PB FUT         15630       -50     -0.32      2.22
 
   Shanghai and COMEX contracts show most active months
 ($1 = 6.3153 Chinese yuan)