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Copper Rises for First Day in Three on New York Factory Growth

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SMM Weekly Review and Forecast (August 10-14)

SHANGHAI, Aug. 18 -- Copper climbed for the first day in three after manufacturing in the New York region expanded for the first time in more than a year, reinforcing signs the worst recession since the 1930s is nearing an end.
&nbsp;&nbsp;&nbsp; The Federal Reserve Bank of New York's general economic index climbed to 12.1, higher than forecast, the bank said yesterday. Readings of more than zero signal expansion. Copper, a barometer of economic growth, slumped 5.2 percent in the past two days on concern a recent rally overshot the pace of recovery.
&nbsp;&nbsp;&nbsp; The manufacturing data &quot;lent support at a time when the market sentiment is very unstable,&quot; analysts led by Guo Yong at Jinrui Futures Co. said in an e-mailed report today.
&nbsp;&nbsp;&nbsp; Three-month delivery copper climbed as much as 1.8 percent to $6,160 a metric ton on the London Metal Exchange, and traded at $6,120 a ton at 9:47 a.m. in Singapore. The contract jumped to the highest since Oct. 1 last week.
&nbsp;&nbsp;&nbsp; Copper for November delivery on the Shanghai Futures Exchange added as much as 1.3 percent to 48,400 yuan ($7,082) a ton. The contract last traded at 48,020 yuan.
&nbsp;&nbsp;&nbsp; China's Shanghai Composite Index plunged 5.8 percent yesterday, the most in nine months, and commodity prices fell. The benchmark stock index may fall a further 10 percent as bank lending slows, according to Andy Xie, a former Morgan Stanley chief Asian economist.
&nbsp;&nbsp;&nbsp; The decline in the Chinese stock market is one of the &quot;key sentiment drivers&quot; for industrial metals, Na Liu, an analyst at Scotia Capital Inc., wrote in an e-mailed report dated Aug. 17. &quot;The change in sentiment on the Chinese stock market has clearly had an impact on the commodities markets and the raw materials sectors,&quot; Liu wrote.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum rose 2 percent to $1,998.75 a ton, lead advanced 1.9 percent to $1,818 a ton, zinc added 1.7 percent to $1,801 a ton, nickel climbed 1.6 percent to $19,400 a ton and tin gained 1.1 percent to $14,058 a ton.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Profit-taking Takes Sheen off Metal Prices

Copper Rises for First Day in Three on New York Factory Growth | Shanghai Non ferrous Metals

Copper Rises for First Day in Three on New York Factory Growth

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