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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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February 8th, 2013
Copper futures rose in New York, rebounding from two days of declines, as trade figures exceeded estimates and car sales jumped to a record in China, the biggest consumer of the metal. Zinc rose the most in five days in London.
Exports from China gained 25 percent last month and imports climbed 29 percent, government figures showed today, both higher than projected by economists in Bloomberg surveys. Sales of passenger vehicles in the country surged 49 percent in January, a state-backed trade group said. Still, financial markets in China will close next week for the Lunar New Year.
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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 21st, 2012
Copper futures rose in London after the biggest fall in two months yesterday as data showed a rebound in imports by China, the biggest metal user.
Refined-copper imports by China last month climbed 8.7 percent from October to 250,666 metric tons, according to data e-mailed by the General Administration of Customs today. Copper production fell short of demand by 55,000 tons in September, bringing the shortage for the year so far to 594,000 tons, the International Copper Study Group said yesterday.
“After yesterday’s drop, today’s price action becomes key,” Justin Froome, a broker at Marex Spectron Group in London, said by e-mail today.
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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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December 6th, 2012
Copper futures dropped the most in four weeks amid concern that persistent economic weakness in Europe will undercut demand for the metal.
A report today showed the euro-area’s economy shrank in the third quarter, slipping 0.1 percent from the previous three months and confirming data from last month showing the currency union fell into a recession. The European Central Bank cut its forecast for 2013 to a contraction of 0.3 percent, rather than expected growth of 0.5 percent.
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Nov 30, 2012
Copper futures advanced, capping the biggest weekly gain in more than two months, on optimism that demand will increase in China, the world’s top user of industrial metal.
Confidence in China’s economy is at the highest in more than a year amid speculation that Xi Jinping, the new leader, will be better for the financial climate, according to a Bloomberg investor poll. A report tomorrow may disclose that manufacturing increased this month. In the U.S., business activity in November expanded for the first time in three months, MNI Chicago Report’s business barometer showed today.
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November 29th, 2012
Copper Futures – Copper supply shortages will extend into the first half of next year as an accelerating Chinese economy more than doubles the pace of growth in global consumption even as mines extract a record amount of metal.
Demand will outpace supply by 316,000 metric tons in the first six months, more than all copper in London Metal Exchange warehouses, before a surplus emerges in the second half, Barclays Plc estimates. Production has lagged behind consumption since 2010, according to the International Copper Study Group. The metal may average $8,300 a ton in the second quarter, 5.1 percent more than now and the most in a year, according to the median of 21 analyst and trader estimates compiled by Bloomberg.
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