Monday, April 18, 2011

LME Copper Daily Summary 18 April 2011

April 18, 2011

LME CASH : 9420 (+093)
LME 3 MTHS : 9432 (+080)
INVENTORY : 450,425 (-175)
Volume: 3,700,850 (+414350)

Friday, April 15, 2011

LME Copper Daily Summary 15 April 2011

April 15, 2011


LME CASH : 9327 (-299)
LME 3 MTHS : 9352 (-295)
INVENTORY : 450,800 (+875)
Volume: 3,286,500 (+53150)

Wednesday, April 13, 2011

LME Copper Daily Summary 13 April 2011

April 13, 2011

LME CASH : 9671 (-111)
LME 3 MTHS : 9691 (-123)
INVENTORY : 446,700 (+1000)
Volume: 2,480,125 (-1272825)

Tuesday, April 12, 2011

LME Copper Daily Summary 12 April 2011

April 12, 2011


LME CASH : 9782 (-041)
LME 3 MTHS : 9814 (-037)
INVENTORY : 445,700 (+1525)
Volume: 3,752,950 (+1001950)

Friday, April 8, 2011

LME Copper Daily Summary 08 April 2011

April 08, 2011

LME CASH : 9697 (+221)
LME 3 MTHS : 9718 (+213)
INVENTORY : 442,375 (+1500)
Volume: 2,850,850 (+797050)

Wednesday, April 6, 2011

(06/04) METALS-Copper slips; jobs jubilation swamped by China demand fear

April 06, 2011

Base metals fell on Monday in
London, down 0.5 percent on average, led by copper's 0.7 percent
slide in light trade during a two-day market holiday in China.
Three-month copper on the London Metal Exchange
slipped $64.25 to $9,294.75 a tonne by 0425 GMT. Volumes were
light with just 640 lots traded.
Copper investors ignored positive U.S. jobs data from last
week that cheered equity and energy markets, with a second
straight strong monthly read, suggesting a shift in the
struggling labour market.
"The focus right now is less about the U.S. jobs market and
more about Chinese buying -- or rather their reluctance to buy,"
said a trader in Singapore.
Copper prices hit a record high of $10,190 a tonne in
February, having rallied from just above $2,800 in December
2008, mostly due to s a surge in Chinese consumption and
stockpiling.
That has dragged prices down by almost 10 percent from a
record high, and while Western economies may not return to
pre-Lehman Brothers levels for another year or three, demand
from China, which consumes 40 percent of the world's annual
copper output of 21 million tonnes, is seen rising by around 10
percent this year.
Along with expectations of rising demand from Japan in the
second half to rebuild after last month's earthquake, analysts
expect a market deficit of between 300,000 and 800,000 tonnes
globally by the end of the year and with that, new highs.
Copper inventories in warehouses monitored by the Shanghai
Futures Exchange fell 6 percent last week and LME stocks saw a
rare weekly drop, down by just over 1,000 tonnes to 438,850
tonnes.

(06/04) The story of Copper and its high expectations

April 06, 2011

Widespread expectations of Copper to reach above $11,000 remained muted with sluggish spot market prices coupled with continuously tight credit environment and geopolitical tensions kept the sentiments brittle. The factors recently confusing the investor mind are inflation, geopolitical tensions and Japan's natural disaster.

Chinese persistent watchdog on inflation and escalating unrest in Libya assisted bears to acquire the ground temporarily. Recently with the continuous effort to curb inflation, Chinese copper imports have witnessed a sharp decline turned copper cash market to discount form premium. However, vital economic indicators from the major economies saw some improvement, helping market to sustain higher.

Copper posted a golden performance in last year with prices climbed to all time high, broke $10,000 mark on LME, posting more than 30 percent gain in last year as macroeconomic and fundamentals factors remained positive, supported the prices. Due to Chinese restocking, stocks at major warehouses reported sharp decline with LME stocks dropped by 25 percent in the last year. Weaker dollar against the major currency also added positive cues. Further, shortage of supply from major mines and improving demand will be the major cues in the coming quarter as demand from emerging countries and western countries are expected to improve.
Japan, the world's third largest economy, has been hit hard by the 8.9 magnitude quake that struck the northeast coast of Japan, trigged a tsunami resulted power plants, oil refiners and ports to temporarily shut activities. The quake's aftermath is also being felt in the financial markets. If we look for copper, then domestic demand for copper as well as other base metals will drop for short time as Japan's manufacturing plants remain closed due to quake damage amid power supply disruptions, however in long term demand may expected to rise.

(06/04) Base metals delivered mixed performance on the LME on Tuesday with copper, lead and nickel trading in the green while aluminium and zinc ended

April 06, 2011


Base metals delivered mixed performance on the LME on Tuesday with copper, lead and nickel trading in the green while aluminium and zinc ended the session in the red. Troubled sentiments in the global equity markets and China, the world’s largest metals consumer and producer, increased interest rates led metal prices lower.

Nickel prices traded higher by 0.2 percent on Tuesday and touched an intra-day high of $25,800/tonne. Prices gained mainly on the back of slight weakness in the US dollar coupled with fall in the LME inventories of the metal yesterday.

Nickel inventories declined around 0.5 percent to 123,228 tonnes on Tuesday. However, on the MCX, the metal prices dropped by 0.4 percent and closed at `1134.50/kg.

Zinc was the worst performer in yesterday’s trading session, as it was the only metal to decline more than 1 percent on the LME as well as on the MCX. Weak sentiments in the global financial markets and China’s inflation control measures exerted pressure on the zinc prices.

Prices touched an intra-day low of $2386/tonne and closed at the same level yesterday. On the MCX, zinc touched an intraday low of `106.10/kg and closed at `106.35/kg on Tuesday.

(06/04) Copper gains, aluminium falls on weak US dollar

April 06, 2011


Base metals delivered mixed performance on the LME on Tuesday with copper, lead and nickel trading in the green while aluminium and zinc ended the session in the red. Troubled sentiments in the global equity markets and China, the world’s largest metals consumer and producer, increased interest rates led metal prices lower.

Nickel prices traded higher by 0.2 percent on Tuesday and touched an intra-day high of $25,800/tonne. Prices gained mainly on the back of slight weakness in the US dollar coupled with fall in the LME inventories of the metal yesterday.

Nickel inventories declined around 0.5 percent to 123,228 tonnes on Tuesday. However, on the MCX, the metal prices dropped by 0.4 percent and closed at `1134.50/kg.

Zinc was the worst performer in yesterday’s trading session, as it was the only metal to decline more than 1 percent on the LME as well as on the MCX. Weak sentiments in the global financial markets and China’s inflation control measures exerted pressure on the zinc prices.

Prices touched an intra-day low of $2386/tonne and closed at the same level yesterday. On the MCX, zinc touched an intraday low of `106.10/kg and closed at `106.35/kg on Tuesday.

Saturday, April 2, 2011

LME Copper Daily Summary 02 April 2011

April 02, 2011

LME CASH : 9336 (-064)
LME 3 MTHS : 9352 (-057)
INVENTORY : 438,850 (-1000)
VOLUME : 4,358,775 (+1091900)

Thursday, March 31, 2011

LME Copper Daily Summary 31 March 2011

March 31, 2011

LME CASH : 9520 (+070)
LME 3 MTHS : 9535 (+079)
INVENTORY : 439,725 (+225)
VOLUME : 2,689,425 (-397200)

Wednesday, March 30, 2011

LME Copper Daily Summary 30 March 2011

March 30, 2011

LME CASH : 9450 (-095)
LME 3 MTHS : 9456 (-119)
INVENTORY : 439,500 (-400)
VOLUME : 3,086,625 (+858175)

Saturday, March 26, 2011

LME Copper Daily Summary 26 March 2011

March 26, 2011


LME CASH : 9715 (+019)
LME 3 MTHS : 9731 (+020)
INVENTORY : 439,275 (+4650)
VOLUME : 2,923,075 (-92600)

Friday, March 25, 2011

LME Copper Daily Summary 25 March 2011

March 25, 2011

LME CASH : 9696 (-009)
LME 3 MTHS : 9711 (+006)
INVENTORY : 434,625 (+475)
VOLUME : 3,015,675 (+627800)

Thursday, March 24, 2011

LME Copper Daily Summary 24 March 2011

March 24, 2011


LME CASH : 9704 (+254)
LME 3 MTHS : 9705 (+245)
INVENTORY : 434,150 (-200)
VOLUME : 2,397,875 (-387900)

Wednesday, March 23, 2011

LME Copper Daily Summary 23 March 2011

March 23, 2011

LME CASH : 9450 (-069)
LME 3 MTHS : 9460 (+065)
INVENTORY : 434,350 (+3850)
VOLUME : 2,775,775 (-169450)

Tuesday, March 22, 2011

LME Copper Daily Summary 22 March 2011

March 22, 2011

LME CASH : 9519 (-006)
LME 3 MTHS : 9525 (+000)
INVENTORY : 430,500 (+850)
VOLUME : 2,945,225 (-576675)

Monday, March 21, 2011

LME Copper Daily Summary 21 March 2011

March 21, 2011

LME CASH : 9525 (+0085)
LME 3 MTHS : 9525 (+070)
INVENTORY : 429,650 (+850)
VOLUME : 3,521,900 (-1131150)

Thursday, March 17, 2011

LME Copper Daily Summary 17 March 2011

March 17, 2011

LME CASH : 9355 (+375)
LME 3 MTHS : 9355 (+364)
INVENTORY : 426,975 (1025)
VOLUME : 5,003,250 (+161100)

Wednesday, March 16, 2011

LME Copper Daily Summary 16 March 2011

March 16, 2011

LME CASH : 8980 (-226)
LME 3 MTHS : 8991 (-224)
INVENTORY : 425,950 (-50)
VOLUME : 4,842,150 (+272650)

Tuesday, March 15, 2011

LME Copper Daily Summary 15 March 2011

March 15, 2011


LME CASH : 9206 (+158)
LME 3 MTHS : 9235 (+162)
INVENTORY : 426,000 (+125)
VOLUME : 4,569,500 (-218475)

(15/03) METALS-Copper falls as Japan warns of high radioactivity levels

March 15, 2011

London copper fell more than
1 percent on Tuesday, after Japan warned of high radioactive
levels following blasts at a quake-stricken nuclear plant,
dampening sentiment across financial markets.

Japan's prime minister, Naoto Kan, said radioactive levels
had become high around the Fukushima nuclear plant after
explosions at two reactors, as a minute level of radiation was
detected in Tokyo.

Japanese stocks plunged 10.6 percent, posting the worst
two-day losing streak since 1987, while Brent crude oil fell 2
percent.
Three-month copper on the London Metal Exchange
reversed early gains to shed 1.4 percent at $9,068.25 a tonne by
0701 GMT.

The volatile market has caused trading volume to spike, with
the exchange's electronic trading platform registering over
8,500 lots, more than double its average volume during Asian
hours.
Shanghai's most active copper futures contract
ended down 1 percent at 68,630 yuan ($10,446), still off the
three-month low of 68,250 yuan hit in the previous session.

(15/03) Japan earthquake: The impact on prices so far

March 15, 2011

Already some clear trends are emerging. Shortages in certain commodities as Japan seeks to rebuild will mean price spikes for some.

The country supplies up to a fifth of the world's electronics components and has significant motor and steel industries, production of which has been interrupted.

Whether you are a buyer or a seller will determine whether any shortages of goods - and any resulting price changes - are welcome ones.
Metals prices have not moved much in reaction to the situation in Japan. The price of copper and zinc both rose slightly, but short-term demand is expected to be weak from Japan.

That is forecast to change. As Deutsche Bank wrote in a research note: "The disruption to industrial sector activity is likely to have a negative impact on the industrial metals and bulk commodity sectors. However, we expect attention will turn to reconstruction."

(15/03) Copper Mining in Zambia

March 15, 2011

Zambia is home to the Zambian Copperbelt Province, a region that hosts world class copper deposits. Zambia is most famous for its reserves of copper
Copper, along with cobalt was first mined from the belt in the 1930s. Copper production in Zambia peaked in the early 70’s- but then declined for 30 consecutive years due to lack of investment, low prices and uncertainty over Copper reserves in Zambia were historically state-run, and with Zambia being one of the world’s most impoverished nations, there was little money to put into exploration. Exploration expenditures were extremely vulnerable to copper’s price fluctuations.

In the early 70’s, the country’s copper output was roughly 700,000 tonnes of copper per year. By 1998, output of copper plummeted to 228,000 tonnes, due to low prices and minimal reinvestment in the mines.

Saturday, March 12, 2011

LME Copper Daily Summary 12 March 2011

March 22, 2011


LME CASH : 9048 (-148)
LME 3 MTHS : 9073 (-137)
INVENTORY : 425,725 (+400)
VOLUME : 4,787,975 (-79625)

Thursday, March 10, 2011

LME Copper Daily Summary 10 March 2011

March 10, 2011


LME CASH : 9610 (+190)
LME 3 MTHS : 9629 (+198)
INVENTORY : 425,725 (-775)
VOLUME : 4,286,250 (+897925)

Tuesday, February 1, 2011

LME Copper Daily Summary 01 February 2011

February 01, 2011

LME CASH : 9720 (+130)
LME 3 MTHS : 9680 (+095)
INVENTORY : 394,025 (-4050)
VOLUME : 3,401,475 (-563875)

Thursday, January 20, 2011

LME Copper Daily Summary 20 January 2011

January 20, 2011

LME CASH : 9788 (+048)
LME 3 MTHS : 9756 (+041)
INVENTORY : 381,750 (+3825)
VOLUME : 3,027,925 (-506875)

Wednesday, January 19, 2011

LME Copper Daily Summary 19 January 2011

January 19, 2011


LME CASH : 9740 (+050)
LME 3 MTHS : 9715 (+063)
INVENTORY : 377,925 (-1075)
VOLUME : 3,534,800 (-1033800)

Tuesday, January 18, 2011

LME Copper Daily Summary 18 January 2011

January 18, 2011


LME CASH : 9690 (+099)
LME 3 MTHS : 9652 (+080)
INVENTORY : 379,00 (+2775)
VOLUME : 2,976,750 (-1033800)

Saturday, January 15, 2011

LME Copper Daily Summary 15 January 2011

January 15, 2011

LME CASH : 9591 (-031)
LME 3 MTHS : 9572 (-048)
INVENTORY : 376,225 (-1125)
VOLUME : 4,010,550 (+672925)

Thursday, January 13, 2011

LME Copper Daily Summary 13 January 2011

January 13, 2011


LME CASH : 9625 (+141)
LME 3 MTHS : 9618 (+146)
INVENTORY : 378,175 (-1475)
VOLUME : 3,180,050 (+152675)

Wednesday, January 12, 2011

LME Copper Daily Summary 12 January 2011

January 12, 2011

LME CASH : 9484 (+100)
LME 3 MTHS : 9472 (+111)
INVENTORY : 379,650 (+1350)
VOLUME : 3,027,375 (-1341050)

Tuesday, January 11, 2011

LME Copper Daily Summary 11 January 2011

January 11, 2011

LME CASH : 9384 (-015)
LME 3 MTHS : 9361 (-029)
INVENTORY : 378,300 (-1225)
VOLUME : 4,368,425 (+818300)

Monday, January 10, 2011

(10/01) Copper drops as mystery buyer keeps cover

January 10, 2011

COPPER in London dropped for a fifth session yesterday, heading for its longest losing streak in seven months, after surging to a record $US9754 a tonne during last Tuesday's trading.

Copper for three-month delivery on the London Metal Exchange fell as much as 0.6 per cent to $US9360 a tonne before trading at $US9373 yesterday afternoon.

It is down for a fifth day, the longest period of decline since June, when it traded at $US6101 a tonne.

Copper, which is used for wires and cables, is in great demand as emerging economies install more electricity and telecommunications infrastructure, but also because renewable energy sources use copper.
Shipments of copper and products fell 2 per cent to 344,558 tonnes from 351,597 tonnes in November, the General Administration of Customs said on its website yesterday. Total imports in 2010 were little changed from a year earlier at 4.29 million tonnes.

(10/01) METALS-Copper ends off as jobs data saps econ optimism

January 10, 2011

Copper ended down for a
fourth consecutive session on Friday after disappointing jobs data
in the United States tempered some of the economic recovery
optimism behind the metal's early-year rally to record highs.
Prices of the industrial metal pulled further away from record
peaks at $9,754 per tonne in London and $4.4980 per lb in New
York, falling to their lowest levels in two weeks, as investors
slashed growth projections in response to the softer-than-expected
jobs data.
London Metal Exchange (LME) benchmark copper CMCU3 closed
down $45 at $9,425 a tonne, after sinking to a session low at
$9,300, its lowest since Dec. 24.
COMEX copper for March delivery HGH1 shed 4.70 cents to end
at $4.2825 per lb.

(10/01) METALS-Copper opens higher; LME eyes $9,520 technical target

January 10, 2011

Copper futures opened higher
in Shanghai and London on Monday, with international futures
snapping a four-session run of falls, on a more bullish
short-term technical outlook and higher energy prices after a
leak shut down a U.S. oil pipeline.
London Metal Exchange benchmark copper for delivery in
three months rose $5 to $9,430 a tonne by 0104 GMT.
COMEX copper HGc3 rose 0.7 percent to 431.20 cents/lb.
LME copper hit an all-time high on $9,754 last Tuesday,
but ended the week 2 percent down, its first such drop since
late November. Technically, copper could target $9,520,

(10/01) Copper Falls in London as China’s Imports Decline: LME Preview

January 10, 2011

Copper fell in London as imports of the metal into China, the world’s largest user, declined in December.
China reported a less-than-forecast $13.1 billion trade surplus for December, bolstering the nation’s bargaining position ahead of a Jan. 19 meeting where U.S. President Barack Obama may press for more gains in the yuan.
Copper imports by China, the world’s largest consumer, declined in December, as buyers took advantage of lower domestic prices.

(10/01) Copper Price Projections for 2011 and Beyond

January 10, 2011

This is the time of year when markets make fools of us analysts. It is the time to guess at how copper prices will perform for the coming year. In recent years, forecasting copper prices have become increasingly complex because of the huge intrusion of the financial sector into copper and other commodity markets, which has resulted in there being established a direct correlation between equity markets, the US$ and copper prices.

This is a brief interim note to be followed by a detailed report later this month, but it contains our principal reasons why copper prices this year won‟t live up to the hopes of so many bulls.

The year started with a bang; the US$ was weak, equity markets were strong following encouraging data from the USA and copper prices rose to $9750, since pulling back. However, the financial sector remains fragile with substantial sovereign and private sector debt to be rolled over, many in the early months of this year.

(10/01) Copper prices down on fears China will tighten policy again

January 10, 2011

Copper prices fell Friday in New York and London on concerns by investors that China will continue to tighten monetary policy in order to contain inflation, which could end up cutting demand for copper and other base metals there.

February copper was down 5 cents to $4.28 per pound in New York trade, while three-month contracts for the metal used in manufacturing and construction dropped $60 to $9,415 per tonne on the London Metal Exchange.

Declines came as stockpiles monitored by the London Metal Exchange were up for the 17th consecutive session, while inventories monitored by the Shanghai Futures Exchange were at their highest levels in six months.

(10/01) METALS-Copper eases in London, up in Shanghai after import data

January 10, 2011

London copper prices dropped
for a fifth day, down 0.4 percent, while Shanghai futures
pared early gains as investors trimmed positions in light of
rising stocks and record prices.
London Metal Exchange benchmark copper for delivery in
three months fell $39.75 to $9,385.25 a tonne by 0704
GMT. COMEX copper HGc3 rose 0.1 percent to 428.75 cents/lb.
Shanghai copper SCFc3 rose 260 yuan to 69,760, having
earlier touched 70,200 yuan.
"This is a bit of a correction from the momentum at the
end of the year -- the welcome return to fundamentals -- for
the moment," said Joel Crane, an analyst at Morgan Stanley.
LME copper stocks have risen steadily since early December
to almost 380,000 tonnes from 350,000 tonnes, and at the same
time prices have surged to record highs.
LME copper hit an all-time high on $9,754 last Tuesday,
but ended the week down 2 percent, its first such drop since
late November.

Friday, January 7, 2011

LME Copper Daily Summary 07 January 2011

January 07, 2011

LME CASH : 9591 (+130)
LME 3 MTHS : 9572 (+137)
INVENTORY : 379,400 (+150)
VOLUME : 4,186,700 (+335650)

Thursday, January 6, 2011

LME Copper Daily Summary 06 January 2011

January 06, 2011


LME CASH : 9461 (-293)
LME 3 MTHS : 9435 (-281)
INVENTORY : 379,250 (+1575)
VOLUME : 3,851,050 (+1052250)

Saturday, January 1, 2011

LME Copper Daily Summary 01 January 2011

January 01, 2011

LME CASH : 9740 (+160)
LME 3 MTHS : 9665 (+150)
INVENTORY : 377,550 (+1550)
VOLUME : 2,763,400 (+768275)