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Research On The Supply Chain Of Aluminum Anti-collision Beams For Automobiles

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Research On The Sustainable Development Layout Of Key Players(Foil, Roll, Plate)

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Optimization Of Purchasing Cost For Casting Alloys

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 METALS-Copper Dives Late as Euro Woes Mount, Dow Skids

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NEW YORK/LONDON, May 6 (Reuters) - Copper turned sharply lower in late business on Thursday, as a free-falling euro and intensifying fears of contagion in the euro zone debt crisis increased risk aversion.
Copper for July delivery HGN0 on the New York Mercantile Exchange's COMEX division slipped 3.45 cents, or 1.1 percent, to end at $3.1170 per lb, near the bottom of its $3.0930 to $3.2090 session range. In after-hours trade, the bearish momentum pulled the price down to $3.05.
On the London Metal Exchange, benchmark copper for three-months delivery CMCU3 ended down $9 at $6,950 a tonne, but fell further in electronic business to trade at $6,880.
The losses mounted in line with a vicious late rout in equities, as debt contagion fears in Europe mounted, pushing investors into the safety of the U.S. dollar and sending the euro EUR= to a 14-month low near $1.25. [USD/]
A stronger dollar makes metals priced in the currency more expensive for non-U.S. investors.
The Dow Jones industrial average was briefly down more than 9 percent Thursday afternoon, before recovering to a near 3 percent drop. [.N]
&quot;There is a lot of fear in the market, especially for industrial metals,&quot; said Michael Gross, futures analyst with Optionsellers.com in Tampa, Florida.
&quot;We continue to see fallout from the Greek debt crisis, and the fear is that this could turn into a domino effect,&quot; he said.
The cost of protecting government debt against default in Greece and other peripheral euro zone countries rose on Thursday, while speculation grew that ratings agency Standard and Poor's will next downgrade Italy.
The European Central Bank kept its main interest rate on hold at a record low of 1.0 percent earlier, as expected.
&quot;It is going to be volatile for the time being but from any medium-term perspective, today is a good price,&quot; Daniel Smith, an analyst at Standard Chartered said. &quot;Shanghai is (also) currently at a premium to the LME, so there is some potential for that to support prices.&quot;
The Shanghai-LME arbitrage window widened slightly from the previous close to 699 yuan at Shanghai's close on Thursday.
INVESTORS WARY
But investors continued to be reticent to shake off debt fears and buy metals, especially given China, the world's largest consumer of industrial metals, is currently engaged in monetary tightening.
On the plus side, copper and aluminum stocks in LME warehouses are falling, indicating physical demand for the metals has not dried up.
Copper stocks at 492,700 tonnes are down about 62,000 tonnes since the middle of February. &lt;0#LME-STOCKS&gt;
Aluminum stocks have fallen to 4.512 million tonnes, since hitting a record high above 4.640 million tonnes in January.
Aluminum CMAL3, used in transport and packaging, closed at $2,104 a tonne from $2,121 at Wednesday's close. Earlier the metal hit $2,060, its lowest since mid-Feb.
Nickel CMNI3 ended at $22,000 a tonne from $21,925, having fallen more than 6 percent to $20,450 earlier, its lowest since late February.
The stainless steel ingredient is pressured by perceptions demand may have been overestimated and expectations that a large amount of nickel pig iron will find its way to the market this year.
Zinc CMZN3 closed at $2,115 from $2,125, soldering metal tin CMSN3 ended at $17,700 from $17,550, while battery material lead CMPB3 was untraded but last bid at $2,001 from $1,940.&nbsp; 
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SMM Morning Review - 2010/5/7 Zinc Market

 METALS-Copper Dives Late as Euro Woes Mount, Dow Skids | Shanghai Non ferrous Metals

METALS-Copper Dives Late as Euro Woes Mount, Dow Skids

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