Metals News
Copper Climbs On Short-Covering Ahead of China GDP
industry news
Jul 11,2012

SHANGHAI, July 11 (Reuters) - Copper edged up on short-covering on Wednesday as investors closed positions and stuck to short-term trading strategies ahead of this week's China GDP data, which may shed more light on the health of the world's second largest economy.

Festering worries over the global economy are also keeping market participants cautious.

Three-month copper on the London Metal Exchange had inched up just 0.3 percent to $7,511.75 per tonne by 0109 GMT, after losing 0.9 percent on Tuesday.

The most-active October copper contract on the Shanghai Futures Exchange rose 0.1 percent to 55,110 yuan ($8,700) per tonne, after losing 1 percent in the previous session.

Italy said on Tuesday it may want to tap euro zone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis, which a top European Central Banker said could escalate.
The European debt crisis and disappointing growth in the United States and China are worrisome, but the U.S. economy is still some way from needing more asset-buying stimulus, a U.S. Federal Reserve policymaker said on Tuesday.

Fitch Ratings on Tuesday affirmed its AAA credit rating on the United States and maintained a negative outlook, citing a diversified and wealthy economy that is undermined by the government's inability to agree on deficit reduction measures.
China's June trade data on Tuesday stoked anxiety about the strength of domestic demand in the world's second biggest economy as imports rose at only half the pace expected, signalling a need for Beijing to do more to bolster growth.
Market News
Asian shares inched lower on Wednesday on worries that the global economic slowdown will hurt corporate earnings.
The euro wallowed around two-year lows against the dollar on Wednesday as investors waited to see if a German court would approve the use of euro zone's bailout fund to help contain the region's debt crisis.
1230  U.S.  International trade         
1800  U.S.  FOMC minutes from June 19-20 meeting
  Base metals prices at 0109 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7511.75     21.75     +0.29     -1.16
  SHFE CU FUT OCT2    55110        30     +0.05     -0.93
  LME Alum          1908.50     -3.50     -0.18     -5.52
  SHFE AL FUT OCT2    15540        20     +0.13     -1.89
  HG COPPER SEP2     340.15      0.35     +0.10     -1.00
  LME Zinc          1840.00     10.00     +0.55     -0.27
  SHFE ZN FUT OCT2    14665        15     +0.10     -0.88
  LME Nickel       16135.00     85.00     +0.53    -13.76
  LME Lead          1866.75     -7.75     -0.41     -8.27
  SHFE PB FUT         14800       -75     -0.50     -3.20
  LME Tin          18775.00      0.00     +0.00     -2.21
  LME/Shanghai arb     834
Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
 ($1 = 6.3659 Chinese yuan)

London copper price
LME copper price
China GDP data
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