London Copper Rises to Near 3-Week High on Greek Vote-Shanghai Metals Market

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London Copper Rises to Near 3-Week High on Greek Vote

Industry News 10:37:21AM Jun 18, 2012 Source:SMM

SHANGHAI, June 18 (Reuters) - London copper surged 1.4 percent on Monday to its highest since May 30 after pro-bailout parties in Greece won a slim parliamentary majority, easing fears that Greece may exit the euro zone.

Three-month copper on the London Metal Exchange jumped to a session peak of $7,615 a tonne, its highest in nearly three weeks, but gave up part of its gains to be up around 1.1 percent by 0033 GMT.

Investors were cheered by news that Greece's New Democracy and PASOK -- parties that support a bailout that could save the country from bankruptcy -- could form a slim parliamentary majority after elections on Sunday.

The euro jumped to a one-month high and Asian shares rose on Monday in response.

Also on Sunday, French President Francois Hollande's Socialists won a resounding parliamentary majority, strengthening his hand as he presses euro zone paymaser Germany to support debt-laden states weighed down by austerity cuts and ailing banks.

Good news out of the euro zone offset further gloomy data out of the United States that added to signs that the economy's recovery is on shaky ground.

Figures showed factory output contracting in May for the second time in three months and families took a dimmer view of their economic prospects in early June.

The bad data, however, also upped the chances of the Federal Reserve launching new stimulus measures.

The most-active September copper contract on the Shanghai Futures Exchange is expected to open higher, tracking gains in London after closing the previous session 1.8 percent higher at 55,070 yuan a tonne.
                                                       
  Base metals prices at 0023 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7593.25     82.75     +1.10     -0.09
  LME Alum          1945.00     12.00     +0.62     -3.71
  HG COPPER JUL2     342.85      4.50     +1.33     -0.22
  LME Zinc          1910.00      6.00     +0.32      3.52
  LME Nickel       16900.00     75.00     +0.45     -9.67
  LME Lead          1935.00     12.00     +0.62     -4.91
  LME Tin          19700.00      0.00     +0.00      2.60
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
 

Key Words:  London copper Monday  

Price

more
#1 Refined Cu
May.20
47795.0
-105.0
(-0.22%)
Standard-Grade Copper
May.20
47765.0
-105.0
(-0.22%)
High-Grade Copper
May.20
47825.0
-100.0
(-0.21%)
Guixi copper
May.20
47830.0
-110.0
(-0.23%)
Low-quality copper
May.20
47690.0
-115.0
(-0.24%)

London Copper Rises to Near 3-Week High on Greek Vote

Industry News 10:37:21AM Jun 18, 2012 Source:SMM

SHANGHAI, June 18 (Reuters) - London copper surged 1.4 percent on Monday to its highest since May 30 after pro-bailout parties in Greece won a slim parliamentary majority, easing fears that Greece may exit the euro zone.

Three-month copper on the London Metal Exchange jumped to a session peak of $7,615 a tonne, its highest in nearly three weeks, but gave up part of its gains to be up around 1.1 percent by 0033 GMT.

Investors were cheered by news that Greece's New Democracy and PASOK -- parties that support a bailout that could save the country from bankruptcy -- could form a slim parliamentary majority after elections on Sunday.

The euro jumped to a one-month high and Asian shares rose on Monday in response.

Also on Sunday, French President Francois Hollande's Socialists won a resounding parliamentary majority, strengthening his hand as he presses euro zone paymaser Germany to support debt-laden states weighed down by austerity cuts and ailing banks.

Good news out of the euro zone offset further gloomy data out of the United States that added to signs that the economy's recovery is on shaky ground.

Figures showed factory output contracting in May for the second time in three months and families took a dimmer view of their economic prospects in early June.

The bad data, however, also upped the chances of the Federal Reserve launching new stimulus measures.

The most-active September copper contract on the Shanghai Futures Exchange is expected to open higher, tracking gains in London after closing the previous session 1.8 percent higher at 55,070 yuan a tonne.
                                                       
  Base metals prices at 0023 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7593.25     82.75     +1.10     -0.09
  LME Alum          1945.00     12.00     +0.62     -3.71
  HG COPPER JUL2     342.85      4.50     +1.33     -0.22
  LME Zinc          1910.00      6.00     +0.32      3.52
  LME Nickel       16900.00     75.00     +0.45     -9.67
  LME Lead          1935.00     12.00     +0.62     -4.91
  LME Tin          19700.00      0.00     +0.00      2.60
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
 

Key Words:  London copper Monday