Metals News
Copper Steady, Underpinned by Stimulus Hopes
industry news
Jul 30,2012

SINGAPORE, July 30 (Reuters) - London copper held steady on Monday, buttressed by hopes that Europe and the United States will this week announce fresh measures to shore up their faltering economies, helping to boost demand for industrial metals.
Three-month copper on the London Metal Exchange traded at $7,580 a tonne at 0103 GMT, up 0.17 percent and building on more than one percent gains seen in the previous session. Copper is set to close the month of July with small losses of 1.4 percent, having shed more than 13 percent from the year's high hit in February.

The most-traded November copper contract on the Shanghai Futures Exchange rose 0.44 percent to 55,010 yuan ($8,600) a tonne.  

Over the past couple of years, Europe has muddled through a long series of crunch moments in its debt crisis, but this September is shaping up as a "make-or-break" month as policymakers run desperately short of options to save the common currency.

Market forces are mostly to blame for the yuan's unprecedented fall against the dollar in recent months, market participants say, with Chinese regulators now busy propping up the currency, marking a major reversal in approach as the country's economic growth slows.

Japan's imports of nickel ore from Indonesia grew more than four times from a year earlier to 136,600 tonnes in June, the Ministry of Finance's monthly customs data showed on Monday. 
Market News
Asian shares extended their gains on Monday, supported by expectations the Federal Reserve and the European Central Bank will deliver new measures to underpin their fragile economies.

The Australian dollar extended gains to a four-month high while the euro hovered near a three-week peak on Monday amid hopes the European Central Bank will soon launch fresh action to tackle the euro zone debt crisis.

Oil prices rose a fourth day on Friday on hopes for more stimulus from the U.S. Federal Reserve after data showed U.S. economic growth slowed in the second quarter as expected.
    * 0900 GMT- Euro Zone Business and Economic Sentiment for July
    * 1230 GMT - Chicago Fed Midwest Manufacturing Index for June
    * 1430 GMT - Dallas Fed Texas Manufacturing Index for July
  Base metals prices at 0103 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7580.50     12.50     +0.17     -0.26
  SHFE CU FUT NOV2    55010       240     +0.44     -0.63
  HG COPPER SEP2     343.40      0.80     +0.23     -0.06
  LME AL             1894.00     0.04      0.00     -6.04
  SHFE AL FUT NOV2    15440       -05     -0.03     -2.56
  LME Zinc          1849.75     -9.25     -0.50      0.26
  SHFE ZN FUT NOV2    14705        70     +0.48     -0.61
  LME Nickel       15990.00    115.00     +0.72    -14.54
  LME Lead          1923.00     -2.00     -0.10     -5.50
  SHFE PB FUT          0.00 -15000.00   -100.00   -100.00
  LME Tin          18100.00      0.00     +0.00     -5.73
  LME/Shanghai arb^    1432
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 ($1 = 6.3807 Chinese yuan)



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