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Copper Rises for Second Day as Weaker Dollar Buoys Commodities

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Metals Imports by China Slump in August on Prices

LONDON, Sept. 23 -- Copper prices rose for a second day as the dollar weakened, boosting demand for commodities as a hedge against inflation.
&nbsp;&nbsp;&nbsp; The dollar fell against 16 major currencies, touching a one-year low versus the euro. The U.S. Dollar Index, a basket that includes the euro and yen, has dropped 14 percent since reaching a three-year high on March 4. During that period, copper jumped 69 percent.
&nbsp;&nbsp;&nbsp; &quot;We've seen the dollar breakdown and that's helping send all the commodities higher, especially copper,&quot; said Michael K. Smith, the president of T&amp;K Futures &amp; Options in Port St. Lucie, Florida. &quot;As more people get worried about inflation, it's going to benefit the metals.&quot;
&nbsp;&nbsp;&nbsp; Copper futures for December delivery gained 5.9 cents, or 2.1 percent, to $2.8645 a pound on the New York Mercantile Exchange's Comex division. The metal added 0.7 percent yesterday.
&nbsp;&nbsp;&nbsp; Chinese imports of refined copper in August dropped 25 percent from the previous month to 219,731 metric tons, government figures showed today. China is the world's biggest copper user.
&nbsp;&nbsp;&nbsp; &quot;You've seen a little bit of slowdown in China's demand, but it's still strong,&quot; Smith said. &quot;With the economy getting back into gear, it's going to mean better fundamentals for copper.&quot;
&nbsp;&nbsp;&nbsp; Last month's imports were more than double the level of August 2008, the data show. Record inbound shipments during the first half helped double copper prices this year.
&nbsp;&nbsp;&nbsp; Inventory Drop 
&nbsp;&nbsp;&nbsp; Prices also got a boost today as the London Metal Exchange reported a decline in copper inventories it monitors, the first drop in 18 sessions. Warehouse stockpiles slipped 50 tons to 331,775 tons, according to a daily LME report.
&nbsp;&nbsp;&nbsp; Copper has fallen from this year's high of $2.9895 on Aug. 28 as rising stockpiles signaled easing consumption. Supplies tracked by the LME are up 11 percent this month. In Shanghai, copper inventories climbed 7 percent last week to a five-year high, rising for an eighth week.
&nbsp;&nbsp;&nbsp; &quot;The demand boom in China, partly owing to the buildup of strategic stocks, will abate in the second half and a supply surplus will therefore emerge,&quot; Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt, said today in a report.
&nbsp;&nbsp;&nbsp; Copper demand topped output in the first half, creating a production deficit of 292,000 tons, the International Copper Study Group in Lisbon said in a report yesterday. That was more than last year's 234,000-ton shortfall, the report showed.
&nbsp;&nbsp;&nbsp; Surplus Predicted 
&nbsp;&nbsp;&nbsp; &quot;You need to add on 400,000 tons of Chinese stock build, at least,&quot; said Max Layton, an analyst at Macquarie Bank Ltd. in London. &quot;The data suggest, after you account for Chinese stock build, that the market was in surplus of a couple of hundred thousand tons.&quot;
&nbsp;&nbsp;&nbsp; He predicted a surplus for this year of between 400,000 and 500,000 tons.
&nbsp;&nbsp;&nbsp; On the LME, copper for three-month delivery rose $80, or 1.3 percent, to $6,270 a ton ($2.84 a pound).
&nbsp;&nbsp;&nbsp; Among other LME metals for three-month delivery, aluminum, nickel, tin, lead and zinc also gained.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Shanghai Copper Inventory Exceeded 100,000 Tons

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Copper Rises for Second Day as Weaker Dollar Buoys Commodities | SMM

Copper Rises for Second Day as Weaker Dollar Buoys Commodities

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