Copper Treads Water after Draghi; Eyes US Data-Shanghai Metals Market

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Copper Treads Water after Draghi; Eyes US Data

Industry News 09:56:57AM Jul 27, 2012 Source:SMM

SINGAPORE, July 27 (Reuters) - Copper traded flat on Friday, buttressed by returning confidence in the euro after the European Central Bank's chief reinforced a commitment to the single currency, while focus shifted to a key U.S. economic indicator later in the session.  
   
Fundamentals
Three-month copper on the London Metal Exchange traded at $7,453 a tonne at 0103 GMT, down 0.22 percent and paring slight gains from the previous session.

Copper hit a one-month closing low of $7,359.75 a tonne on Monday and was on track to close the month down.

The most-traded November copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 54,170 yuan ($8,500) a tonne.

European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, sending a strong signal that inflated Spanish and Italian borrowing costs were in his sights.

Dismal U.S. corporate outlooks and worries about slower worldwide growth have pushed third-quarter earnings estimates into negative territory, which, if it came to pass, would be the first drop in three years. 
 
Market News   
Asian shares rose and the euro held steady on Friday after the European Central Bank signalled its resolve to defend the euro zone, raising expectations it will move quickly to tackle skyrocketing borrowing costs in countries like Spain.
 
The euro steadied in early Asian trading on Friday after rallying on European Central Bank chief Mario Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
 
Oil futures rose for a third straight day on Thursday after a pledge by the European Central Bank to protect the euro zone eased some worries about the region's debt crisis.
           
DATA/EVENTS
    * Debt Auctions: Rome - Italy To Issue 8.5 Billion Euros In
184 Days, 6-Month Bot Maturing Jan. 31
    * 1355 GMT - Thomson Reuters/Univ Of Michigan Final July
Consumer Sentiment    
    * 1230 GMT - U.S. Advance 2Q GDP
   PRICES   
  Base metals prices at 0103 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7453.50    -16.50     -0.22     -1.93
  SHFE CU FUT NOV2    54170       -20     -0.04     -2.15
  HG COPPER SEP2     338.35     -1.00     -0.29     -1.53
  LME Alum          1878.00     -0.50     -0.03     -7.03
  SHFE AL FUT NOV2    15375        45     +0.29     -2.97
  LME Zinc          1817.75      2.75     +0.15     -1.48
  SHFE ZN FUT NOV2    14495        25     +0.17     -2.03
  LME Nickel       15980.00     90.00     +0.57    -14.59
  LME Lead          1880.00     -5.00     -0.27     -7.62
  SHFE PB FUT          0.00 -14790.00   -100.00   -100.00
  LME Tin          17750.00      0.00     +0.00     -7.55
  LME/Shanghai arb^    1271
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 ($1 = 6.3841 Chinese yuan)
 
   

 

Key Words:  London copper   the euro   ECB chief 

Copper Treads Water after Draghi; Eyes US Data

Industry News 09:56:57AM Jul 27, 2012 Source:SMM

SINGAPORE, July 27 (Reuters) - Copper traded flat on Friday, buttressed by returning confidence in the euro after the European Central Bank's chief reinforced a commitment to the single currency, while focus shifted to a key U.S. economic indicator later in the session.  
   
Fundamentals
Three-month copper on the London Metal Exchange traded at $7,453 a tonne at 0103 GMT, down 0.22 percent and paring slight gains from the previous session.

Copper hit a one-month closing low of $7,359.75 a tonne on Monday and was on track to close the month down.

The most-traded November copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 54,170 yuan ($8,500) a tonne.

European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, sending a strong signal that inflated Spanish and Italian borrowing costs were in his sights.

Dismal U.S. corporate outlooks and worries about slower worldwide growth have pushed third-quarter earnings estimates into negative territory, which, if it came to pass, would be the first drop in three years. 
 
Market News   
Asian shares rose and the euro held steady on Friday after the European Central Bank signalled its resolve to defend the euro zone, raising expectations it will move quickly to tackle skyrocketing borrowing costs in countries like Spain.
 
The euro steadied in early Asian trading on Friday after rallying on European Central Bank chief Mario Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
 
Oil futures rose for a third straight day on Thursday after a pledge by the European Central Bank to protect the euro zone eased some worries about the region's debt crisis.
           
DATA/EVENTS
    * Debt Auctions: Rome - Italy To Issue 8.5 Billion Euros In
184 Days, 6-Month Bot Maturing Jan. 31
    * 1355 GMT - Thomson Reuters/Univ Of Michigan Final July
Consumer Sentiment    
    * 1230 GMT - U.S. Advance 2Q GDP
   PRICES   
  Base metals prices at 0103 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7453.50    -16.50     -0.22     -1.93
  SHFE CU FUT NOV2    54170       -20     -0.04     -2.15
  HG COPPER SEP2     338.35     -1.00     -0.29     -1.53
  LME Alum          1878.00     -0.50     -0.03     -7.03
  SHFE AL FUT NOV2    15375        45     +0.29     -2.97
  LME Zinc          1817.75      2.75     +0.15     -1.48
  SHFE ZN FUT NOV2    14495        25     +0.17     -2.03
  LME Nickel       15980.00     90.00     +0.57    -14.59
  LME Lead          1880.00     -5.00     -0.27     -7.62
  SHFE PB FUT          0.00 -14790.00   -100.00   -100.00
  LME Tin          17750.00      0.00     +0.00     -7.55
  LME/Shanghai arb^    1271
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 ($1 = 6.3841 Chinese yuan)
 
   

 

Key Words:  London copper   the euro   ECB chief