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Shanghai Copper Falls Over 3% on U.S. Data

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Copper in Shanghai Drops First Session in Five on Demand

MANILA, June 4 -- Shanghai copper fell 3.3 percent while London prices stretched losses to a third day on Thursday, on a firmer dollar and weak U.S. data.
&nbsp;&nbsp;&nbsp; Following dismal U.S. data on Wednesday, all eyes are on the United States nonfarm payrolls for May, due on Friday, and which are expected to show a fall of 520,000 
&nbsp;&nbsp;&nbsp; The base metals market has been data-driven over the last few weeks, with economic figures that are seen as supporting the view for a recovery in demand aiding a recent rally.
&nbsp;&nbsp;&nbsp; "Over the next few months there is a risk that data is not seen supporting a V-shaped recovery view," said David Moore, commodities strategist at Commonwealth Bank of Australia.
&nbsp;&nbsp;&nbsp; "And in that case the market becomes disappointed about the economic outlook and potential for recovery for metals demand and prices fall back for a while."
&nbsp;&nbsp;&nbsp; Shanghai's benchmark third month copper contract fell 3.3 percent to 39,300 yuan ($5,754) a tonne by 0330 GMT. The most-active September contract dropped 3.3 percent to 39,360 yuan.
&nbsp;&nbsp;&nbsp; Copper for delivery in three months on the London Metal Exchange eased $10 to $4,905 a tonne.
&nbsp;&nbsp;&nbsp; Half a million U.S. private jobs losses in May, weak service sector data and a slower-than-forecast recovery in durable goods orders renewed concerns about the outlook for metals demand, pushing down prices in London on Wednesday.
&nbsp;&nbsp;&nbsp; The metals market is consolidating after the recent rally, in line with the correction in other commodities like oil, said analyst Yingxi Yu at Barclays Capital.
&nbsp;&nbsp;&nbsp; But she expects copper to be supported at around the $4,000 level, unlike other metals.
&nbsp;&nbsp;&nbsp; "We're a lot less positive on aluminium because fundamentals are not looking great and we would still highlight the risk of Chinese smelter restarts which could threaten the very early stages of recovery in the market," she said.
&nbsp;&nbsp;&nbsp; (Source: Reuters)

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Shanghai Copper Falls Over 3% on U.S. Data | Shanghai Non ferrous Metals

Shanghai Copper Falls Over 3% on U.S. Data

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