LME Copper Up on Dlr; Set for Weakest Quarter Since 2011-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • Copper scrap
  • Primary lead
  • Copper
  • Customs data
  • Market commentary
  • price forecast
  • Nickel
  • MMi Iron Ore Port Index
  • Inventory data
  • Futures movement
  • Evening comments
  • Secondary lead
  • Morning comments

LME Copper Up on Dlr; Set for Weakest Quarter Since 2011

Industry News 10:40:21AM Jun 29, 2012 Source:SMM

SHANGHAI, June 29 (Reuters) - London copper rose on Friday, helped by a weaker dollar and assurances by Beijing that top metals consumer China will meet it GDP growth target for the year, but the contract is still on track for its worst quarter since the third quarter of 2011.

Investors will look for more trading cues from the last day of the European Union summit, where bickering among leaders over what to focus on in tackling the euro zone debt crisis will likely keep gains capped.

Fundamentals
Three-month copper on the London Metal Exchange was up 0.4 percent at $7,413.25 per tonne by 0114 GMT, after losing 0.3 percent in the prior session. It is down over 12 percent on the quarter.

The most-active October copper contract on the Shanghai Futures Exchange edged down 0.1 percent to 54,150 yuan($8,500) per tonne, after gaining 0.9 percent in the previous session.

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.
 
Italy's benchmark borrowing costs hit six-month highs at auction on Thursday, piling pressure on Prime Minister Mario Monti to ease a steepening debt burden by squeezing concessions out of Germany at a European summit later in the day.
 
Following recent positive data out of the U.S., a report on Thursday showed the U.S. economy grew only modestly in the first quarter, underscoring the economy's vulnerability as global growth slows.
 
A separate report from the Labor Department showed the number of Americans filing new claims for jobless benefits edged down last week, but remained in a range that indicated the job market was still struggling to gain traction.

China is confident it can meet its 2012 economic growth target of 7.5 percent, a finance ministry official said on Thursday despite early economic indicators suggesting growth did not pick up in June.   
 
Market News
Asian shares and the euro were pressured on Friday as European leaders argued over how to ease borrowing strains in Italy and Spain and stop the euro zone debt crisis spreading, with investors fearful of U.S. reaction to the deadlock.
 
The euro hobbled along three-week lows in Asia on Friday as investors awaited more news from a summit of European leaders amid already diminished expectations that it will yield any concrete measures to tackle the debt crisis immediately.
       
DATA/EVENTS (GMT)
Last day of European Union leaders summit in Brussels
0500  Japan      Construction orders            
0600  Germany    Retail sales                  
0900  Euro Zone  Inflation                     
1230  U.S.       Personal income and outlays        
1345  U.S.       Chicago PMI
1930  U.S.       CFTC commitment of traders data
                                                                
  Base metals prices at 0114 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7413.25     28.25     +0.38     -2.46
  SHFE CU FUT OCT2    54150       -50     -0.09     -2.66
  LME Alum          1854.25      9.25     +0.50     -8.21
  SHFE AL FUT OCT2    15225      -135     -0.88     -3.88
  HG COPPER JUL2     333.85      1.25     +0.38     -2.84
  LME Zinc          1787.00     -7.00     -0.39     -3.14
  SHFE ZN FUT OCT2    14350        00     +0.00     -3.01
  LME Nickel       16215.00      0.00     +0.00    -13.34
  LME Lead          1770.25     -6.75     -0.38    -13.01
  SHFE PB FUT         14490        -5     -0.03     -5.23
  LME Tin          18500.00      0.00     +0.00     -3.65
  LME/Shanghai arb     737
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
                                                             
($1 = 6.3575 Chinese yuan)
 

Key Words:  London copper Friday 

Price

more
1# Zinc
May.24
20530.0
-160.0
(-0.77%)
0# Zinc
May.24
20600.0
-160.0
(-0.77%)
T/C for domestic zinc concentrate
Jun.01
6350.0
0.0
(0.00%)
T/C for imported zinc concentrate
Jun.01
240.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
May.24
21500.0
-160.0
(-0.74%)

LME Copper Up on Dlr; Set for Weakest Quarter Since 2011

Industry News 10:40:21AM Jun 29, 2012 Source:SMM

SHANGHAI, June 29 (Reuters) - London copper rose on Friday, helped by a weaker dollar and assurances by Beijing that top metals consumer China will meet it GDP growth target for the year, but the contract is still on track for its worst quarter since the third quarter of 2011.

Investors will look for more trading cues from the last day of the European Union summit, where bickering among leaders over what to focus on in tackling the euro zone debt crisis will likely keep gains capped.

Fundamentals
Three-month copper on the London Metal Exchange was up 0.4 percent at $7,413.25 per tonne by 0114 GMT, after losing 0.3 percent in the prior session. It is down over 12 percent on the quarter.

The most-active October copper contract on the Shanghai Futures Exchange edged down 0.1 percent to 54,150 yuan($8,500) per tonne, after gaining 0.9 percent in the previous session.

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.
 
Italy's benchmark borrowing costs hit six-month highs at auction on Thursday, piling pressure on Prime Minister Mario Monti to ease a steepening debt burden by squeezing concessions out of Germany at a European summit later in the day.
 
Following recent positive data out of the U.S., a report on Thursday showed the U.S. economy grew only modestly in the first quarter, underscoring the economy's vulnerability as global growth slows.
 
A separate report from the Labor Department showed the number of Americans filing new claims for jobless benefits edged down last week, but remained in a range that indicated the job market was still struggling to gain traction.

China is confident it can meet its 2012 economic growth target of 7.5 percent, a finance ministry official said on Thursday despite early economic indicators suggesting growth did not pick up in June.   
 
Market News
Asian shares and the euro were pressured on Friday as European leaders argued over how to ease borrowing strains in Italy and Spain and stop the euro zone debt crisis spreading, with investors fearful of U.S. reaction to the deadlock.
 
The euro hobbled along three-week lows in Asia on Friday as investors awaited more news from a summit of European leaders amid already diminished expectations that it will yield any concrete measures to tackle the debt crisis immediately.
       
DATA/EVENTS (GMT)
Last day of European Union leaders summit in Brussels
0500  Japan      Construction orders            
0600  Germany    Retail sales                  
0900  Euro Zone  Inflation                     
1230  U.S.       Personal income and outlays        
1345  U.S.       Chicago PMI
1930  U.S.       CFTC commitment of traders data
                                                                
  Base metals prices at 0114 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7413.25     28.25     +0.38     -2.46
  SHFE CU FUT OCT2    54150       -50     -0.09     -2.66
  LME Alum          1854.25      9.25     +0.50     -8.21
  SHFE AL FUT OCT2    15225      -135     -0.88     -3.88
  HG COPPER JUL2     333.85      1.25     +0.38     -2.84
  LME Zinc          1787.00     -7.00     -0.39     -3.14
  SHFE ZN FUT OCT2    14350        00     +0.00     -3.01
  LME Nickel       16215.00      0.00     +0.00    -13.34
  LME Lead          1770.25     -6.75     -0.38    -13.01
  SHFE PB FUT         14490        -5     -0.03     -5.23
  LME Tin          18500.00      0.00     +0.00     -3.65
  LME/Shanghai arb     737
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
                                                             
($1 = 6.3575 Chinese yuan)
 

Key Words:  London copper Friday