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Copper Prices Climb as Equity Rebound Bolsters Metal Sentiment

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[Al] CBI Daily Review - 2009/7/13 Aluminum Market

LONDON, July 14&nbsp;-- Copper prices rose in New York as equity markets rallied, boosting investor sentiment for some industrial metals.
&nbsp;&nbsp;&nbsp; The Standard &amp; Poor's 500 Index climbed as much as 2 percent on speculation that bank earnings will improve. Some traders follow equities as a gauge for the economic outlook. Last week, copper slid 4.1 percent as the S&amp;P dropped 1.9 percent.
&nbsp;&nbsp;&nbsp; &quot;Copper is following the movements in the larger markets and acting as a surrogate for the outlook for the economy,&quot; said Donald Selkin, the chief market strategist at National Securities Corp. in New York.
&nbsp;&nbsp;&nbsp; Copper futures for September delivery rose 1.15 cents, or 0.5 percent, to $2.223 a pound on the Comex division of the New York Mercantile Exchange.
&nbsp;&nbsp;&nbsp; Freeport-McMoRan Copper &amp; Gold Inc., the world's biggest publicly traded copper producer, said operations at its Grasberg mine in Indonesia were normal after a third body was found in the area following weekend attacks. Grasberg is the second- largest copper mine behind Chile's Escondida.
&nbsp;&nbsp;&nbsp; The attacks are &quot;not having a major impact on prices,&quot; said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.
&nbsp;&nbsp;&nbsp; Shrinking inventories signaled higher consumption of the metal. Stockpiles monitored by the London Metal Exchange dropped for a fifth straight session to 257,225 metric tons.
&nbsp;&nbsp;&nbsp; Copper prices have surged 58 percent this year as China, the world's biggest metal user, boosted reserves.
&nbsp;&nbsp;&nbsp; &quot;The fall in LME stockpiles is very much China-related,&quot; said Charles Kernot, an analyst at Evolution Securities Ltd. in London.
&nbsp;&nbsp;&nbsp; On the LME, copper for delivery in three months added $37, or 0.8 percent, to $4,895 a metric ton ($2.22 a pound).
&nbsp;&nbsp;&nbsp; Tin jumped 2.5 percent to $12,300 a ton on the LME, and nickel gained 1.7 percent to $14,730. Aluminum, lead and zinc fell.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Chile Sees Copper Averaging $2/lb in 2009

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Copper Prices Climb as Equity Rebound Bolsters Metal Sentiment | SMM

Copper Prices Climb as Equity Rebound Bolsters Metal Sentiment

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