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copper futures gain
May 6th, 2013
Copper futures climbed to the highest level in three weeks on speculation that demand may improve in China, the biggest user. Aluminum and lead also advanced.
Copper for delivery in three months gained as much as 1.4 percent to $7,374 a metric ton on the London Metal Exchange, the highest level since April 15, and was at $7,325 at 10:44 a.m. in Shanghai. The metal recorded the biggest daily advance in 18 months on May 3. The LME reopened after a holiday yesterday.
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January 23rd, 2013
Copper futures fell in New York for the first time in four sessions on signs of ample supply and a cut in the International Monetary Fund’s global growth forecasts.
Stockpiles monitored by the London Metal Exchange, up 7.8 percent this year, rose 0.7 percent, daily exchange figures showed. LME copper inventories may double this year, Macquarie Group Ltd. said in a report. The world economy will expand 3.5 percent this year, less than the 3.6 percent forecast in October, the IMF said today. The euro area will shrink 0.2 percent, instead of growing 0.2 percent as the IMF had estimated.
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January 2nd, 2013
Copper futures rose in New York after U.S. lawmakers passed a bill to avert the so-called fiscal cliff of higher taxes and cuts in government spending.
The U.S. House approved a measure undoing income-tax increases for most households in the country, the world’s second-largest copper consumer, after China. President Barack Obama said he would sign the bill into law. Equities climbed in Asia and Europe, Treasuries retreated for a second day and raw materials from crude oil to sugar strengthened.
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December 19th, 2012
Copper futures declined to the lowest level in almost three weeks amid concerns that budget negotiations deteriorated in the U.S.
Copper for delivery in three months fell as much as 0.5 percent to $7,885 a metric ton, the lowest since Nov. 30, before trading at $7,886 on the London Metal Exchange at 10:30 a.m. in Shanghai. Copper for delivery in March on the Shanghai Futures Exchange fell 1 percent to 57,070 yuan ($9,161) a ton.
House Speaker John Boehner’s “Plan B” would put “too big a burden on the middle class” and President Barack Obama would veto it, White House Communications Director Dan Pfeiffer said. House Republican leaders are considering giving members a chance to vote on spending cuts to firm up support for Boehner’s tax measure, said a Republican lawmaker and a congressional aide who spoke on condition of anonymity.
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December 14th, 2012
Copper futures advanced, set for the best weekly run in more than a year, after data showed China’s manufacturing may expand at a faster pace, adding to signs that demand in the world’s top metals buyer is recovering.
The contract for delivery in three months gained 0.3 percent to $8,095 a metric ton on the London Metal Exchange at 4 p.m. in Seoul. The price is up 0.8 percent this week, poised for a fifth such gain. That’s the longest winning streak since July 29, 2011. The March-delivery contract increased 0.8 percent to $3.688 a pound on the Comex in New York.
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November 14th, 2012
Copper futures fell in New York for the first time in three days on signs of a deepening slowdown in Europe and concern that the so-called fiscal cliff will hinder economy recovery in the U.S.
Euro-area industrial production dropped the most in more than three years in September, led by double-digit declines in Portugal and Ireland, the European Union’s statistics office said today. President Barack Obama is negotiating to reach a deficit-reduction deal with Congress to avert $607 billion in automatic tax increases and spending cuts.
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October 23rd, 2012
Copper futures recovered from a six-week low on speculation that China, the largest user, will introduce more measures to support growth, boosting demand for metals.
Copper futures for delivery in three months gained as much as 0.7 percent to $8,009 a metric ton on the London Metal Exchange, before trading at $7,953 at 2:04 p.m. Shanghai time. Futures fell to $7,930 yesterday, the lowest level since Sept. 7.
China added 13 railway projects to this year’s investment plan, increasing the number to 22, the Economic Information Daily reported today, without citing anyone. The country approved last month plans to build about 1,250 miles (2,000 kilometers) of roads, 25 new subway and inter-city rail projects as well as port and warehouse developments. Premier Wen Jiabao said the “economic growth has started to stabilize,” the Xinhua News Agency reported on Oct. 17.
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September 7th, 2012
Copper Futures: Copper traders are the most bullish in almost 11 months on mounting speculation central banks will do more to bolster growth, strengthening demand for metals.
Twenty-one analysts surveyed by Bloomberg said they expect prices to gain next week and five were bearish. A further four were neutral, making the proportion of bulls the highest since Oct. 14. Hedge funds are betting on higher prices for the first time since May and stockpiles in warehouses monitored by the London Metal Exchange, the largest metals bourse, dropped to the lowest level in almost four years.
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August 29th, 2012
Copper futures edged lower for a third session on Wednesday as concern about the outlook for global demand persisted despite the possibility that the U.S. central bank may announce measures to stimulate economic growth at a meeting this week.
U.S. Federal Reserve Chairman Ben Bernanke will meet with other central bankers from around the world at Jackson Hole, Wyoming, on Friday, and is expected to detail steps to revive the world’s largest economy.
Hopes of stimulus measures have boosted gold prices, with bullion staying near 4-1/2-month highs, but copper investors were less convinced.
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June 8th, 2012
Copper Futures – Copper traders are the most bullish in three months as China, the biggest buyer, reduced interest rates to bolster growth, increasing expectations that prices will rebound from the longest slump in two years.
Sixteen analysts surveyed by Bloomberg said they expect prices to gain next week and seven were bearish. A further eight were neutral, making the proportion of bulls the highest since March 9. Stockpiles in warehouses monitored by the London Metal Exchange, the world’s largest metals bourse, declined 38 percent this year and Morgan Stanley is predicting at least another year of supply shortages.
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