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Ardent Listener
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 Posted - 02/07/2008 : 20:12:36
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Just after they said it was going to tank for 4 years.
UPDATE 5-Copper hits 3-mth high after LME stocks fall
Thu Feb 7, 2008 3:05pm EST Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+]
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¥ € $ - Learn. Practice. Trade. (Updates with New York closing copper prices) By Anna Stablum LONDON, Feb 7 (Reuters) - Copper hit a three-month high on
Thursday following a fall in London Metal Exchange (LME)
inventories, but broader economic worries limited gains, analysts
said. European stock markets ended down, capping a move higher by
industrial metals, while traders expected more volatile sessions to
come in the absence of Chinese buyers owing to the Lunar New Year
holiday. Copper MCU3 for delivery in three months on the LME ended the
day at $7,550 per tonne, up from Wednesday's close of $7,330.
Earlier, it hit an intraday high of $7,560 -- the highest since Nov.
7 after LME stocks data showed a hefty fall. The metal was seen fluctuating in wide ranges after touching a
low of $7,265, down nearly 1 percent in early trading. "When it dips, the bulls are back in buying and when it rallies
the others sell ... With such divergent views in the market we are
going to see this continue," analyst Daniel Hynes of Merrill Lynch
said. He said the short-term move higher in copper was on the back of
a drawdown in copper stocks in LME warehouses. At the New York Mercantile Exchange's COMEX division, copper for
March delivery HGH8 settled up 14.50 cents, or nearly 4.4 percent,
to $3.4540 a lb, after dealing between $3.2760 and $3.4620, its
loftiest level since Nov. 1. Traders said copper, often seen as a good gauge of real economic
activity, watched global equity markets for direction. "The FTSE came down after the rate cut with the markets being
disappointed -- it forced copper lower," an LME floor trader said. Britain's leading share index, the FTSE 100 .FTSE, was down
2.6 percent at its close. "Equities are weakening as markets anticipate European slowdown,
but European central banks are preferring to squeeze inflation than
underpin economic growth," analyst David Thurtell at BNP Paribas
said. The Bank of England cuts its key rate by quarter of a percentage
point to 5.25 percent, while the European Central Bank left its rate
untouched at 4.0 percent. Data released at 1330 GMT showed U.S. jobless claims fell in the
latest week, though the numbers failed to move metals. Analysts have differing views on how much demand for metals will
be affected by an economic downturn. "I think that is one of the few things most people would agree
on -- volatility will increase," Hynes said. Standard Bank said the rest of the week looked likely to remain
turbulent, especially as liquidity becomes all the more patchy and
significant price fluctuations are likely. The Lunar New Year holidays in Asia have brought trading in
China, Hong Kong, South Korea, Taiwan, Singapore, Malaysia and
Indonesia to a halt. The markets reopen next week. A hefty fall in LME inventories lifted copper prices 2.8 percent
in the previous session and on Thursday a 2,500-tonnes drop took the
total to 169,500. LME stocks are at the same level as at the start of November and
they are down 16 percent from a recent peak on Jan. 4. The stock drawdown pushed the market back into a $7.5
backwardation -- extra money paid for cash metal over the
three-months price. "When people see stocks coming out like that ... they might
think that the market is going to tighten in the future and they
borrow material to front-run that," an LME trader said. In other metals nickel MNI3, a key ingredient in stainless
steel, rose $350 to $26,700/26,800 per tonne. Three-months aluminium MAL3 was up $39 at $2,681 per tonne.
Tin MSN3 rose to $16,850 from $16,775/16,800, lead MPB3 was down
$40 at $2,780 and zinc MZN3 dropped $35 to $2,350. Metal Prices at 1652 GMT:
Metal Last Change Pct Move End 2007 Ytd Pct move
LME Cu 7550.00 220.00 +3.00 6670.00 13.19
SHFE Cu* 62520.00 420.00 +0.68 56880.00 9.92
LME Alum 2682.00 40.00 +1.51 2403.00 11.61
SHFE Alu* 19430.00 -130.00 -0.66 18180.00 6.88
COMEX Cu** 344.80 14.05 +4.25 303.50 13.61
LME Zinc 2350.00 -35.00 -1.47 2370.00 -0.84
SHFE Zinc* 20905.00 -360.00 -1.69 18950.00 10.32
LME Nick 27300.00 400.00 +1.49 26350.00 3.61
LME Lead 2800.50 -19.50 -0.69 2550.00 9.82
LME Tin 16800.00 125.00 +0.75 16400.00 2.44 **
1st contract month for COMEX copper * 3rd contact month for SHFE AL,
CU and ZN SHFE ZN began trading on 26/3/07 (Additional reporting by Daniel Magnowski in London and Chris
Kelly in New York, Editing by Marguerita Choy)
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Cu hits 3 month high
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