WorldScrap- LME base metal end higher on Wednesday, pushed by the short-covering ignited by raising concerns over demand in Peru. SHFE copper futures rallied up in the opening and later rushed into transverse fluctuation. Scrap copper price has seen a rising of 86USD today while the trade remained in dullness drifting most investors on the sideline.
Good article Agui. Keep us posted on what is happening in China.
Just offhand, is China still importing steel or are imports being held off for a while? I heard that the shippers are being held in the docks and are not allowed to unload because China is trying to utilize their steel reserves.
The Baltic Dry Index has fallen as of late because of this. Analysts estimate that China has about 3 weeks of steel and iron ore stockpiled. My guess is that we may see a drop in steel prices especially after the 2008 games.
Although on the other hand, steel may be in demand because of the Sichuan disaster and also all the flooding here in the Midwest. Lots of rebuilding going on.
Gotta love the commodities game. Confusing but fun to watch.
Peace, Tom
Take this job and shove it. I don't want to work here no more...
China scrap copper market on 19th, Jun
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Posted - 06/19/2008 : 03:36:47
