(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.