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Shanghai Copper Hit 9-mth High on Econ Hope, Dollar

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SHANGHAI, July 20 -- Shanghai copper rose over 3 percent on Monday to a nine-month high, tracking London copper's gains in the previous session and boosted by an improved economic outlook and a weaker dollar.
&nbsp;&nbsp;&nbsp; A surprise jump in new U.S. home starts and permits in June suggested the battered housing sector was beginning to stablise, leading to optimism on recovery in the world's largest economy.
&nbsp;&nbsp;&nbsp; The data, together with mostly stronger-than-expected corporate earnings, supported risk appetite, pushing down the dollar going into a quiet week for economic events.
&nbsp;&nbsp;&nbsp; &quot;The paucity of statistics will mean that other markets, specifically the dollar and the U.S. stock market, will continue to set the tone for metals,&quot; said William Copp, an analyst at MF Global.
&nbsp;&nbsp;&nbsp; Shanghai's benchmark third-month copper futures contract SCFc3 rose 3.1 percent to 43,050 yuan ($6,303) a tonne by 0210 GMT, after touching 43,100 yuan, its highest since October 14, 2008.
&nbsp;&nbsp;&nbsp; &quot;The domestic market is likely to maintain strength, especially when there is sufficient liquidity in the market, on top of optimism on economy and a weaker dollar,&quot; said Li Rong, an analyst with Great Wall Futures.
&nbsp;&nbsp;&nbsp; Copper for three-month delivery on the London Metal Exchange MCU3 rose to $5,360 a tonne, the highest since mid-June, traders said.
&nbsp;&nbsp;&nbsp; LME prices and data are not updating due to an exchange problem now under investigation. An update on the issue is expected by 0300 GMT.
&nbsp;&nbsp;&nbsp; The RSI, or Relative Strength Indices, for both Shanghai copper and aluminium rose above 70, a sign that these contracts are overbought.
&nbsp;&nbsp;&nbsp; &quot;The rally is way too fast, given that domestic consumption is still sluggish,&quot; said a Shanghai-based trader. Shanghai's near-month copper contract had a premium of 150 yuan to the benchmark contract.
&nbsp;&nbsp;&nbsp; &quot;Far-month contracts, which fell faster than near-month ones earlier, are now rising faster, causing the current backwardation. But if prices keep rising, it will flip back to contango,&quot; said Li of Great Wall Futures, adding that the current backwardation does not necessarily translate into tight spot supply.
&nbsp;&nbsp;&nbsp; &quot;After all, the current stockpile level is not low,&quot; he said.
&nbsp;&nbsp;&nbsp; Copper stocks in warehouses registered with LME rose 3,275 tonnes to 264,150 tonnes on Friday. Cancelled warrants -- material tagged for delivery -- stood at 7,325 tonnes, or only 3 percent of the total tonnage, compared with 20 percent in 
mid-May.
&nbsp;&nbsp;&nbsp; (Source: Reuters) 
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Shanghai Copper Hit 9-mth High on Econ Hope, Dollar | SMM

Shanghai Copper Hit 9-mth High on Econ Hope, Dollar

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