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Shanghai Copper Rises 1% on Econ Optimism, LME Gains

LONDON, July 10 -- Copper prices rebounded on Thursday as the market took heart from International Monetary Fund comments that the global economy was slowly starting to pull out of the worst recession since World War Two.
&nbsp;&nbsp;&nbsp; Benchmark copper on the London Metal Exchange rose nearly 3 percent to trade at $4,843 a tonne at 0940 GMT from $4,720 at the close on Wednesday when it sank to a two-week low of $4,710 on worries about poor demand prospects.
&nbsp;&nbsp;&nbsp; In an update of its World Economic Outlook, the IMF said the global economy was likely to contract 1.4 percent this year, but it expects growth of 2.5 percent in 2010 compared to an April forecast of 1.9 percent.
&nbsp;&nbsp;&nbsp; &quot;Nerves were frayed yesterday and what the IMF was saying has helped soothe nerves,&quot; said Robin Bhar, analyst at Calyon, adding a weaker U.S. currency, which makes metals priced in dollars cheaper for holders of other currencies had helped.
&nbsp;&nbsp;&nbsp; &quot;That has also prompted some bargain hunting to come through,&quot; Bhar said. &quot;Although (copper) has recovered the upside does look capped...we will probably stay range bound with an emphasis to the downside.&quot;
&nbsp;&nbsp;&nbsp; Investor sentiment was boosted by news that a think tank in China, the world's largest consumer of industrial metals, expects Chinese economic growth at around 8 percent this year.
&nbsp;&nbsp;&nbsp; Data showing China's passenger car sales rose 47.7 percent in June from a year earlier also provided support for industrial metals.
&nbsp;&nbsp;&nbsp; INVENTORIES ALARMING
&nbsp;&nbsp;&nbsp; Copper stocks held in LME warehouses fell 3,375 tonnes, but traders said on Wednesday up to 100,000 tonnes originally destined for China -- where stockpiling by the state and consumers has helped to push copper prices up about 60 percent this year -- may now be headed for London.
&nbsp;&nbsp;&nbsp; Stocks of Aluminium held in LME warehouses fell 1075 tonnes but remained just off their record high of 4.4 million tonnes.
&nbsp;&nbsp;&nbsp; The metal used in transport and packaging, which hit a one-month low of $1,545 a tonne on Wednesday, traded at $1,572.75 a tonne, from $1550.
&nbsp;&nbsp;&nbsp; &quot;The aluminium market looks grim. Demand is weak ... The pace of supply curtailments has been slow, and now there are restarts. Excess inventories have built at an alarming rate,&quot; Citi said in a note.
&nbsp;&nbsp;&nbsp; &quot;The major factor which is likely to cap any aluminium recovery is supply growth.&quot;
&nbsp;&nbsp;&nbsp; Battery material lead was at $1,628 a tonne, against $1610. Traders were watching the build up of cancelled warrants, material tagged for delivery, and dominant positions controlling most of the stocks in LME warehouses.
&nbsp;&nbsp;&nbsp; Steel ingredient nickel traded at $15,075 a tonne, against $14,950 on Wednesay, while zinc was at $1,522 from $1510 and tin , which on Wednesday fell more than 5 percent, was at $13,300 versus $13,295.
&nbsp;&nbsp;&nbsp; (Source: Reuters)&nbsp;&nbsp;
 
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China June Imports of Copper, Products Rose to Record

imf-comments-give-welcome-boost-to-copper-price

IMF Comments Give Welcome Boost to Copper Price | SMM

IMF Comments Give Welcome Boost to Copper Price

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