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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/23/2007 : 20:10:57
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Copper Prices Have Biggest Weekly Gain Since May on Fund Demand
By Millie Munshi
Feb. 23 (Bloomberg) -- Copper prices in New York had the biggest weekly gain since May on renewed demand by hedge funds for commodities, including industrial metals, grains and energy.
Commodity-fund investments may rise 25 percent in 2007, London-based NewFinance Capital LLP said. UBS AG, the world's biggest money manager said yesterday it expects investments tracking its commodity index to rise ``rapidly.'' Copper has risen every year since 2002 and reached a record $4.04 a pound in May, partly on investor demand.
``We've had a renewed interest from the fund community,'' said Darren Stoody, futures trading director at Omnisource Inc. in Fort Wayne, Indiana. ``There is new fund money from all corners of the globe.''
Copper futures for May delivery rose 7.6 cents, or 2.7 percent, to $2.853 a pound on the Comex division of the New York Mercantile Exchange. Earlier, prices reached $2.875, the highest since Dec. 29. The metal gained 7.3 percent this week, the most in nine months.
The Reuters/Jefferies CRB Index of 19 commodities has risen 2.6 percent this week, the most since early December. Crude oil has climbed to the highest this year, gold and silver were at nine-month highs, and corn has extended a rally to a 10-year high.
``We have a fantastic once-in-a-lifetime opportunity to profit from commodities as a basket,'' Roland Jansen, chief executive officer of Mother Earth Investment AG, said in an interview from Liechtenstein. ``The demand for metals is so big that prices will keep rising.''
Chinese Demand
Copper prices have risen for three-straight weeks, the longest rally since September, on signs that demand will increase in China, the biggest consumer of the metal.
``Copper is inherently needed for countries like China to develop its cities and develop its infrastructure,'' Richard Adkerson, CEO of Freeport-McMorRan Copper & Gold Inc., said yesterday in an industry presentation. ``If growth continues at the same levels in China, and there's growth in the U.S. and Europe, then demand for copper in inevitably going to be strong.''
Chinese imports of copper and copper products jumped 44 percent in January from a year earlier, customs data showed on Feb. 12.
``There are already first signs of renewed pick-up in copper demand from the region,'' Philipp Vorndran, an investment strategist at Credit Suisse Group in Frankfurt, said in a report this week.
Copper prices may rise next week on fresh demand from China following the week-long Lunar New Year holiday, a Bloomberg survey said.
Twenty-one of the 25 traders, investors and analysts surveyed advised buying copper. Three said to sell, and one was neutral.
``Copper will trade in this higher range next week, supported by fresh demand from China,'' Catherine Virga, a New York-based analyst at CPM Group, said in an e-mail.
On the London Metal Exchange, copper for delivery in three months gained $171, or 2.8 percent, to $6,306 a metric ton. Prices have dropped 0.4 percent this year.
A futures contract is an obligation to buy or sell a commodity at a fixed price for delivery by a specific date.
To contact the reporter on the story: Millie Munshi in New York at mmunshi@bloomberg.net
Last Updated: February 23, 2007 14:16 EST
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Burn paper dollars before you melt coins. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/01/2007 : 19:37:14
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Copper Snaps 3-Day Drop on China Demand; Nickel Rises to Record
By Chanyapr0n Chanjaroen
March 1 (Bloomberg) -- Copper snapped a three-day decline in London as data showed signs of rising demand from China, the world's largest user of the metal. Nickel advanced to a record and lead posted the largest intraday gain in 10 months.
China imported 81 percent more copper in January than a year earlier, according to the Beijing-based customs office. Metal stockpiles tracked by the London Metal Exchange dropped 1.8 percent in February, the first decline in five months. Orders for the metal inventory, known as canceled warrants, have more than doubled this year, LME data show.
``The declining inventory and a jump in canceled warrants probably are influenced by Chinese buying,'' said Michael Widmer, the London-based head of metals research at LME member, Calyon.
Copper for delivery in three months on the LME rose $85, or 1.4 percent, to $6,100 a metric ton as of 1:34 p.m. local time. Earlier, the contract gained as much as 3.1 percent to $6,200. It climbed 4.9 percent in February, the first monthly gain in seven. The metal for May delivery on the Comex division of the New York Mercantile Exchange gained 1.2 percent to $2.765 a pound as of 8:12 a.m. local time.
Prices of copper, used in wires and pipes, have quadrupled in the past five years, on stronger demand from China and the U.S. The gains spurred increased production and new mining projects, creating a surplus of 847,000 tons last year, according to a report released yesterday by Merrill Lynch & Co.
China's imports of refined copper and alloys rose to 136,401 tons in January. Imports are unlikely to drop in February and March, said three Chinese traders, including Yuan Fang at Shanghai Dongya Futures Co. Imports fell 31.5 percent last year.
Stockpiles Drop
Copper stockpiles fell 2,575 tons, or 1.2 percent, to 205,400 tons, the LME said today in a daily report.
That's a fourth consecutive session of declines, bringing the stockpiles to the lowest since Jan. 25.
Orders for the stockpiles jumped to 19,950 tons, from 7,275 tons at the end of last year.
Nickel, whose gains exceed all other LME metals in the past year, gained to a record as a shortage of the metal on the exchange persisted for a 10th month, forcing buyers seeking immediate delivery to pay $3,300 a ton more than those purchasing the three-month futures.
Nickel for delivery in three months added as much as $805, or 1.9 percent, to $42,200 a metric ton. That beat the Feb. 27 record by $210.
LME-monitored stockpiles of the metal, used in stainless- steel production,
have plunged 90 percent in the past year to 3,342 tons, or below one day of global consumption.
``Nickel is our favorite at the moment,'' John Meyer, an analyst at Numis Securities Ltd., said in an interview today in London. ``Nickel stocks are critically low and demand for stainless-steel raw materials is very strong.''
Nickel Record
Production will lag behind consumption this year by 22,000 tons, rising to 47,000 tons in 2008, Surrey, England-based metals consulting company Brook Hunt said yesterday, according to a TD Newcrest report. Brook Hunt, which has tracked the metals industry since 1975, declined to release the report to non-clients.
Lead, used in car batteries, gained after stockpiles tracked by the LME fell 475 tons, or 1.5 percent, to 31,625 tons, the lowest since June 1, 2005. The contract for delivery in three months rose as much as 6 percent to $1,930 a ton, the largest intraday gain since April 21.
Metals gains may not hold if U.S. manufacturing data show a second monthly contraction, David Thurtell, an analyst at BNP Paribas in London, said today by phone. The Institute for Supply Management is forecast to say that manufacturing showed no improvement in February, according to a Bloomberg News survey, after a contraction in January.
``The worry is about contagion,'' said Thurtell. ``The U.S. weakness could spread to other regions including China.''
The U.S. is the world's second-largest user of copper.
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/01/2007 : 19:45:13
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Though not nickel, copper, zinc or aluminum news, this shows what happens when the supply is cut off.
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China shock hits global ferromoly consumers scrambling for offers
Tokyo (Platts)--1Mar2007
"China shock" has hit ferromoly consumers worldwide, scrambling to obtain
firm sell offers, sources in Japan and South Korea told Platts on Thursday.
The Chinese government is expected to impose a quota on molybdenum oxide
and ferromolybdenum exports in the first half of this year. There has been no
official announcement on the system yet, but consumers, notably those in
Europe, are rushing to build up their inventories. Some Japanese consumers
have also been affected.
One Japanese trader said he had around 100 mt of molybdenum materials
stored in warehouses in Europe and they sold out. A Korean trader said he has
heard that ferromoly stocks in Rotterdam warehouses have decreased to the
volume equivalent to 15 days of consumption. There was no supply disruptions
at plants around Europe, and there was no sudden surge in the ferromoly
consumption levels, but the buying frenzy flared up.
"This is not normal," said one Japanese trader, citing that most European
consumers in the steel sector use moly oxide rather than ferromoly.
"This is because if China implements the quota, there is no way for the
Europeans to replenish their current stocks," said one Korean source.
"Madness over ferromoly," as one Japanese trader described, has also
spread to some consumers in Japan.
A second Japanese trader who has businesses with steel mills operating
electric arc furnaces said some mills were forced to call off ferromoly
tenders planned in February.
"The mills passed notes to traders calling for tenders, and have received
back notes declining to participate," the trader said.
"Tender participants were afraid that even if they won, they would not be
able to deliver, as export policy changes in China could hit any day," he
said.
Traders said some Chinese sellers have been inconsistent, making sell
offers one day and stopping the next day.
The situation is hitting smaller consumers rather than major mills
operating blast furnaces. "Blast furnaces can use materials in various sizes,
they are big enough to stomach just about any ferromoly. But smaller mills and
consumers fabricating metals, have a set requirement regarding the ferroalloy
conditions. They can not just use any metal," one source said.
Meanwhile, Japanese traders said they received buy inquiries from
consumers and traders in Europe, India, South Korea and other parts of the
world. Japanese usually to get more sell offers than buy queries.
A Korean trader reported selling ferromoly to an European buyer Wednesday
at $71/kg CIF Rotterdam, prompt shipment. A Japanese trader sold one container
of Chile-origin ferromoly at $67.50/kg CIF also to Europe, prompt shipment,
and one container of Chinese-origin material at $67.50/kg CIF Europe, prompt.
The Korean trader said his current offer is $75/kg CIF Europe. "The price
could hit $80/kg CIF," he added.
.........Boy, metals supplies are tight everywhere you look. |
Edited by - pencilvanian on 03/01/2007 19:47:59 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/05/2007 : 18:52:25
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Maybe more commentary/guesswork than news, but worth a look.
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China's growth to fuel copper, nickel demand: Expert
An urban construction boom in China over the next decade will fuel the global market for copper, an analyst told delegates at an international commodities convention on Sunday.
Demand will explode as some of China's rural population shifts to the cities, Onnu Rutten of Scotia Capital in Toronto said at a market-outlook forum, the first major event kicking off a four-day commodities industry love-in hosted by the Prospectors and Developers Association of Canada.
Rutten predicted demand for copper in China will increase from seven kilograms per urban resident to 12 kg over the next eight to 10 years, and said he's not concerned about China's economy slowing until 2015.
"That's a bold statement," Rutten acknowledged, given widespread fears among some investors about the 8.8 per cent drop in the Shanghai stock index last Tuesday, which had a global ripple effect on markets.
"China is at the point where Japan was in 1960," Rutten said, adding demand is also growing for copper in Brazil, Russia, and India. He said he doesn't see India as a big consumer of copper over the next decade since its growth is primarily in the service sector.
China is also leading the world in its demand for nickel, said Santo Ranieri of Xstrata Nickel.
"China will be the main driver of nickel demand," Ranieri said, noting demand for stainless steel rises as countries become more prosperous. "China is expected to remain heavily reliant on imports."
The main problem will be trying to maintain supply to keep up with demand, and the industry has "little wiggle room to increase output," Ranieri said.
"The market for commodities will remain robust," Ranieri concluded, noting pension funds and other major investors have also boosted demand in the sector, keeping prices generally healthy.
Supply is also plaguing silver, said Jim Steel, a commodities analyst with HSBC Securities Inc. in New York, who said prices are at historic highs.
"It will take many, many years before the market can catch up with the rapacious demand we're seeing from the far east," Steel told a rapt crowd packed into a large theatre at the convention centre. "It's safe to say industrial demand for silver is going to remain quite firm. . . . Even my . . .10-year-old is aware demand in China is going up," Steel said.
Silver is also popular among older, sophisticated retail investors, Steel said, who are buying it to diversify their portfolios.
"These people are not going to be shaken out by a few dollars off (in price)," he said.
While prices in precious metals dropped in the 1990s during a period of globalization and the opening up of the former Soviet Union, the current tension in international politics will keep silver prices propped up, Steel said, noting silver has been outperforming gold.
If investors choose to liquidate their precious metals, it would affect silver more than gold, Steel said.
The 75th annual conference for the mining exploration and development industry, which continues through Wednesday, is expected to attract more than 15,000 industry players.
Highlights include seminars, speakers, technical programs in geoscience and geochemistry, investor booths and an industry trade show.
Another speaker was bullish about the yellow metal, predicting prices for gold will be more than US$700 an ounce by the end of 2007.
"We're not too perturbed about what happened to the gold market last week," Martin Murenbeeld, an analyst with the Dundee Group of Companies, said.
Murenbeeld outlined a handful of reasons why demand for gold will stay strong, including the influence of the overvalued U.S dollar; high oil prices, which will encourage wealthy investors in the Middle East to buy gold; a drop in worldwide mining output, which should reduce supply; and increased consumer spending on gold as a way to diversify investment portfolios.
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 03/15/2007 : 09:44:28
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I know my posts have been few and far bewteen lately. Been busy. Just noticed a pretty good jump in metals this morning. Following info. from kitco.com as of this morning (dollars per pound):
Cu is at 2.95, up almost 11 cents this AM.
Nickel is 21.98, up 1.31!
Al is 1.26, up almost 0.03
Pb is 0.875, up 0.018
Metalophile |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/15/2007 : 18:38:53
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One reason why zinc has fallen in price.
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World zinc market in surplus in January '07 vs deficit a year ago
The global refined zinc market had a 50,000 metric ton surplus in January 2007, reversing a 31,000 tons deficit in the same month of 2006, the International Lead and Zinc Study Group said Thursday.
Refined zinc production in January was 941,000 tons while refined zinc consumption was 891,000 tons, ILZSG said.
Western world demand for refined zinc was 623,000 tons in January, with production of 566,000 tons, creating a deficit in this region of 57,000 tons.
Will zinc stay at its current price? Stay tuned. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/15/2007 : 18:43:15
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etvFUTURES Commodities
News, Commentary & Analysis
etvFUTURES NEWS WIRE DESK
(Put this on your site)
METALS - NICKEL AND COPPER HIT HIGHS ON TIGHT SUPPLY CONCERNS
03/15/07 03:41 pm (GMT)
LONDON (AFX) - Copper struck a three-month high while nickel surged to yet another all-time high amid tight supplies, while sentiment was also boosted by a rebound in equity markets.
Base metals have shown great resilience to volatile equity markets, unlike some other commodities. Nevertheless, metals rose further amid a tentative recovery in stock markets worldwide as confidence was boosted.
"As confidence returns across the whole of the financial complex, that puts bullishness into base metals," said economist John Kemp at Sempra Metals.
At 3.10 pm, LME nickel for 3 month delivery was up at 47,400 usd a tonne against 44,800 usd at the close yesterday. It had hit a high of 47,890 usd earlier in the session.
"All base metals held up extremely well during the recent bout of turbulence. There seems to be confidence moving into the market," added Kemp. Nickel was also supported by a large fall in inventories amid dwindling stocks.
Inventories of the metal stored in LME certified warehouses worldwide stood at 3,594 tonnes, down 222 tonnes from yesterday.
Copper rose to 6,539 usd from 6,220 usd yesterday. Copper had hit 6,540 usd earlier -- a level not seen since late December.
Copper was underpinned by a drop in LME stocks of 1,625 tonnes to 196,125 tonnes. The market also paid attention to strong demand signals from China, which is the world's biggest consumer of the metal. China reported strong industrial production and solid growth in Chinese copper imports.
Industrial production rose 18.5 pct in January and February compared with the same two months last year, said the National Bureau of Statistics.
Other base metals were up as the LME reported falls in stocks in a daily report, except from aluminium and zinc which benefited from a slight increase.
Zinc was up at 3,359 usd against 3,220 usd, tin rose to 13,800 usd against 13,500 usd, lead was up at 1,913 usd against 1,875 usd while aluminium was also up at 2,795 usd against 2,715 usd.
anealla.safdar@thomson.com
as/nes
COPYRIGHT
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Burn paper dollars before you melt coins. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/16/2007 : 17:52:53
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Metals correction may continue
Economists say it's too soon to pencil in a sustained metal market recovery despite improvements in commodity prices. "The market will remain extremely volatile for the foreseeable future," said Nico Kelder, an economist at The Efficient Group.
"Most analysts agree that global markets are overbought
and with all the uncertainty surrounding the US economy,
backed up by fears over Iran and measures to cool Chinese economic growth,
the market is pouncing on any signs of hope at the moment."
Copper futures for May deliver surged 4.4% to $2,949/lb on March 15 on the New York Mercantile Exchange – their highest level in almost five months. Copper prices are widely used as a barometer for global economic health due to the metal's widespread application in industrial manufacturing.
Metals management company, Scott Brass, said copper was due for an upside technical correction and could reach $3/lb soon after breaking through the key $2.90 resistance level, according to a Bloomberg News report.
Meanwhile the nickel price rose to a fresh record of $45,200/tonne on the London Metals Exchange (LME) as stockpiles of the metal dropped 5.8% to 3,594 tonnes, equivalent to less than two days global consumption. Nickel stockpiles are reported to have slumped 45% this year on surging Chinese demand for stainless steel.
Kelder said uncertainty would continue to plague financial markets for some time to come.
"Fears about the US sub prime mortgage market are really fears about the US consumer."
"If US consumers are having trouble repaying debt then they're likely to have trouble spending too.
Considering that US consumer spending contributes around 25% to the global economy,
if the US consumer stops spending it's not hard to see what will happen to the world economy," he said.
Commodity traders have a different view, however. "Copper inventory levels have been declining across Asia as well as in the US, while demand has remained buoyant," one trader told Miningmx.
"As such the fundamentals for copper look good and this will provide strong support for resource stocks like Anglo and BHP Billiton as copper is a significant profit driver for these stocks," the trader said.
Another trader said nickel was comfortably positioned "in the vertical stage of the demand curve". This was owing to constrained supply in the face of robust Chinese demand for stainless steel, of which Nickel is a major constituent.
The Chinese National Bureau of Statistics announced recently that the country's industrial output rose 18.5% in January and February – the fastest growth rate in eight months.
"The current very high nickel price of around $21/lb might not be sustained, just like a $4/lb copper price wasn't sustained. But in the interim it will provide momentum stocks exposed to nickel mining," he said.
Economists warn investors should not fall into the trap of looking at base metals as a group. "Over the long term, the fundamentals indicate that robust base metals will be sustained but in the short term some of the prices are just too high," said one.
"Copper may be due for a price increase, as is zinc, but aluminium and nickel are definitely overpriced at present. I would say a long term sustainable price for nickel would be around $40 000/tonne."
........(With all due respect to economists, isn't the economist mantra "deficts don't matter" or "debt is wealth" and other nutty ideas?
To say that the US is THE world economy ignores the ongoing demand by China and India, Eastern Europe and South America.
Prices will fluctuate, but because of Worldwide demand, not North America demand.)
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Edited by - pencilvanian on 03/16/2007 17:54:33 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/19/2007 : 17:08:27
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Copper ends higher on bullish outlook
London Metal Exchange copper is poised for further near-term gains as sentiment remains bullish due to falling inventories and strong demand from China, analysts said Monday.
LME base metals started the week trading in the red as news that China's central bank had decided to raise interest rates by 27 basis points dampened upside price momentum.
However, the reaction of LME base metals to the Chinese rate hike has been rather muted, Kevin Norrish of Barclays Capital said. Instead, "we expect further (base metal) price firmness to emerge as we enter the seasonally strongest quarter for demand in light of the market's firming fundamentals, supply disruptions, and an environment of low inventories," Norrish said.
Three-month copper rebounded from session lows to a PM kerb of $6,625 a metric ton following a drawdown in LME stocks. Declining LME stocks – down 9% from month-ago levels – and strong Chinese demand continue to underpin prices, traders and analysts said.
However, a softer U.S. housing market is one factor that has limited the upside momentum, according to analysts. Therefore, the markets will keep a close watch on U.S. housing starts data for February due for release Tuesday at 1230 GMT.
Meanwhile, profit-taking and an increase in LME nickel stocks Monday pressured nickel prices off their recent record high of $48,500/ton to a PM kerb of $46,550/ton.
LME nickel prices remain at "absolutely crazy" high levels and price volatility is "absurd," said one nickel physical trader. "The physical business is a nightmare to operate in at such levels as no one has a feel for price direction," said the trader.
"Although stock levels are critically low, they've been low for a while now and it's an old story," the trader added. Available LME nickel stocks comprise less than one day's worth of global nickel consumption.
"Stainless steel markets are primarily the cause of the shortage in nickel availability as stainless steel production remains strong, particularly in China, and supply struggles to match consumption," John Meyer of Numis said.
Three-month tin jumped to a fresh record high of $14,125/ton before retreating to a PM kerb of $13,900/ton due to ongoing supply concerns in Indonesia, one of the world's largest tin producers, and LME stocks down nearly 30% since the start of 2007.
Last October, Indonesia closed dozens of small-scale smelters that together produced about half the country's annual tin output on allegations they were purchasing tin ore illegally, damaging the environment, and evading taxes.
Adding to market uncertainty, Indonesian prosecutors said over the weekend that they are confident a court will find a local subsidiary of Newmont Mining Corp. and a top executive guilty of polluting a bay with toxic chemicals when judges announce their verdict in April.
A panel of judges is scheduled to announce the verdict on April 4 in a case that has been ongoing for 20 months.
In other metals, three-month zinc traded to a session high of $3,260.25/ton before retreating to a PM kerb of $3,200/ton.
LME zinc looks set to underperform the base metals complex in the near term as rising LME stocks continue to rattle the investment community, a trader said. The key to longer-term price direction is whether zinc stocks continue to build in Asia and whether China continues to export zinc, the trader said.
LME zinc stocks have climbed roughly 6% from month-ago levels and 13% from the start of 2007.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/29/2007 : 18:44:31
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Copper futures down on profit-taking; gold, silver also slip
NEW YORK (AP) - Copper futures lost some steam and declined Tuesday as investors took profits following a recent run-up in prices.
The most-active May copper contract fell 8.10 cents to settle at $3.0575 per pound on the New York Mercantile Exchange.
"It's just some profit-taking by the recent longs,'' said Edward Meir, analyst with Man Financial.
May copper rose 20 percent from the March 5 low of $2.6250 to Monday's high for the year of $3.1475, boosted by tighter supply and increasing demand.
Meanwhile, most precious metals also lost ground ahead of a Congressional appearance Wednesday by Federal Reserve Chairman Ben Bernanke.
April gold fell $1.40 to finish at $662.50 a troy ounce, while May silver fell 13 cents to $13.28 an ounce. June palladium declined $3 to $356 an ounce, but April platinum rose $5.50 to $1,242 an ounce.
In energy trading on the Nymex, crude oil futures shook off early losses and ended in positive territory Tuesday. Crude strengthened for the sixth straight session amid concerns about international tensions with major oil producer Iran and forecasts of a decline in U.S. petroleum product stocks in weekly data due Wednesday from the Energy Information Administration.
The May crude contract gained 2 cents to finish at $62.93 a barrel.
April RBOB gasoline advanced 0.53 cent to $2.0730 a gallon after hitting a new seven-month, intraday high of $2.0850 a gallon.
April heating oil futures moved up 1.03 cent to finish at $1.7864 a gallon.
Meanwhile, April natural gas futures rose 24.9 cents, or 3.4 percent, to settle at $7.503 a million British thermal units, the highest close since Feb. 27. The contract expires Wednesday.
Natural gas futures were bolstered by a weather forecast of stronger hurricanes this year in the Gulf of Mexico, which could pose a risk to production in the region.
On the New York Board of Trade, most-active May cocoa fell $33 to settle at $1,893 a metric ton.
Arabica coffee futures also declined. May coffee finished 1.9 cent lower at 1.1245 a pound, while July closed 1.9 cent weaker at $1.1525 a pound.
However, futures on raw sugar in foreign ports settled higher with May sugar ending 0.11 cent higher at 10.11 cents a pound, and July sugar finishing 0.12 cent stronger at 10.17 cents a pound.
In other trading, most-active May cotton rose 0.10 cent to settle at 53.39 cents a pound, helped by speculative and fund buying.
On the Chicago Board of Trade, wheat futures stumbled on worries that the United States has the potential to produce a big winter wheat crop.
CBOT May wheat closed 4 cents lower at $4.54 per bushel, Kansas City Board of Trade May wheat ended 6.75 cents lower at $4.7025 a bushel, and Minneapolis Grain Exchange May wheat finished down 3.25 cents at $4.9575 a bushel.
Meanwhile, May soybeans ended 1.5 cent lower at $7.57 a bushel, and November soybeans finished 1.5 cent lower at $7.9975 a bushel. May soymeal settled $1.10 lower at $214.20 per short ton, while May soyoil ended 0.14 cent higher at 31.81 cents a pound. Corn futures settled higher in thin, choppy trading. The market is awaiting Friday's U.S. Department of Agriculture's acreage and stocks reports.
May corn settled 1.5 cent higher at $3.9250 a bushel, July rose a quarter of a cent to $4.0375 a bushel, and December also gained a quarter of a cent to close at $4.0150 a bushel.-AP
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For good times to come or bad times to come, now is the time to save your copper or nickel coins. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/31/2007 : 19:20:07
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Updated: New York, Mar 31 20:18London, Apr 01 01:18Tokyo, Apr 01 09:18
Copper Prices Head for Biggest Monthly Increase Since April
By Halia Pavliva and Millie Munshi
March 30 (Bloomberg) -- Copper prices are headed for a fourth consecutive weekly gain and the biggest monthly increase since April on signs of robust demand for the metal.
Inventories monitored by the London Metal Exchange have fallen for a seventh straight week, the longest decline since July 2005. Producers including Codelco and Freeport McMorRan Copper & Gold Inc., the two biggest, said this week that Asian demand will remain strong. Copper prices have more than tripled in four years on demand from China, the largest consumer.
``Asian economies are doing well and there's a huge new layer of demand coming out of there,'' Jim Rogers, an investor who predicted the beginning of the commodities rally in 1999, said in an interview in Singapore today. ``Even if the U.S. does go into recession, it could be more than made up for by Asia.''
Copper futures for May delivery gained 4.25 cents, or 1.4 percent, to $3.129 at 11:36 a.m. on the Comex division of the New York Mercantile Exchange. The metal has gained 14 percent this month and is headed for its longest rally since May, when prices reached a record. Earlier, prices touched $3.16 a pound, the highest since Dec. 6.
``China's economy is going strong,'' Richard Adkerson, chief executive officer of Freeport, said yesterday. ``We feel optimistic about the outlook for copper.''
China's economy grew almost 11 percent last year, the fastest pace since 1995. Chinese imports of copper, used in pipes and wires, surged in February from a year earlier.
``China is still booming,'' said Thomas Au, principal at R.W. Wentworth & Co. in New York. ``Chinese growth is going to last for a long time and metals will pretty much move in sync with that.''
On the London Metal Exchange, copper for delivery in three months gained $100, or 1.5 percent, to $6,855 a metric ton at 4:38 p.m. London time. Prices have gained 15 percent this month.
Copper demand in China is expected to grow as much as 24 percent to 4.7 million tons a year by 2010 from 3.8 million tons in 2006, Man Financial Inc. analyst Edward Meir said in a report today, citing China Minmetals Corp., the country's biggest metals trader. China will probably consume 6.5 million tons to 6.9 million tons a year by 2020, Meir said in the report, citing Minmetals.
Codelco executive president Jose Pable Arellano said this week that demand for the metal will continue to rise through next year because of ``unimaginable'' new construction in China.
The country has entered a peak demand period for copper, especially from the power and construction sectors, traders in Shanghai said. Construction use typically rises after winter.
To contact the reporters on the story: Halia Pavliva in New York at hpavliva@bloomberg.net ; Millie Munshi in New York at mmunshi@bloomberg.net .
Last Updated: March 30, 2007 11:52 EDT
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For good times to come or bad times to come, now is the time to save your copper or nickel coins. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/31/2007 : 20:17:19
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Zinc news
or
Zinc cents might become the next copper cent in ten years time
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Xstrata forecasts high zinc growth could last another 10 years
The world's largest zinc miner Xstrata suggests that the accelerated growth rate in zinc demand could last another 10 years.
Author: Dorothy Kosich
Posted: Tuesday , 06 Mar 2007
TORONTO (Mineweb.com) - The world's largest zinc miner Swiss-based Xstrata forecasts that the current high growth in zinc demand may last another decade.
In a presentation to the Prospectors and Developers Association Conference in Toronto Xstrata Zinc marketing executive Mark Patell said there is a "significant need" for new mine supply to meet the demand for zinc. Inventories of zinc concentrate and zinc metal are now very low.
"The supply forecast is inherently exposed to many risks," Patell suggested, including underinvestment in zinc mining and exploration, and constraints on the availability of resources to exploit the multitude of zinc deposits.
Also of concern is the pending decline of zinc mine headlines, and mining costs that will move "faster and higher," according to Patell. Nevertheless, sustained high zinc prices levels could encourage zinc mine growth, he added.
Patell projects that zinc demand growth will average 3.7% annually from 2007 to 2017.
He estimated world zinc demand to total 11.79 million tonnes this year, while international zinc supply will increase 8.1%.
A good portion of mined zinc output will have to come from developing countries, according to Patell.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 04/01/2007 : 01:39:04
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Vale Workers at Ontario Nickel Mines Strike; Output May Drop
By Christopher Donville and Rob Delaney
April 1 (Bloomberg) -- Cia. Vale do Rio Doce's technical workers at the company's Sudbury, Ontario, nickel operations went on strike, threatening output at a time of soaring metal prices.
The company and 330 workers, including office staff, surveyors and laboratory employees, at the nickel complex failed to agree on a new labor contract, Cory McPhee, a spokesman for the company, said. Brazil's Vale, the world's biggest nickel producer, acquired the Sudbury operations in the buyout of Inco Ltd. this year.
``We're disappointed,'' McPhee said today in an interview by telephone. ``The main issue seems to be money.''
The strike may interrupt production because surveyors guide miners on drilling through ore and lab workers must monitor mineral composition. Their absence, along with picketing on routes used to transport ore, ``would impact production,'' union spokesman Dan O'Reilly said on March 28.
Vale's nickel complex in Sudbury include six mining operations, a smelter, a mill and a nickel refinery, McPhee said.
The price of nickel, used in stainless steel, has more than doubled in the past year and reached a record $48,500 a metric ton on March 16. Nickel for delivery in three months jumped 6.2 percent last week to $44,800 a metric ton on the London Metal Exchange.
A strike would interrupt more than a third of finished nickel output by Vale, based in Rio de Janeiro. Sudbury produced 93,000 metric tons of nickel last year, down from 96,500 tons in 2005.
Shares of Vale, also the world's biggest iron-ore producer, rose 1 percent to 76.06 reais in Sao Paulo on March 30.
To contact the reporter on this story: Rob Delaney in Toronto at robdelaney@bloomberg.net
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 04/01/2007 : 20:57:21
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Apr 01, 2007 04:53 PM
Reuters
Unionized office and technical staff at CVRD-Inco's Sudbury nickel-mining operations are on strike after last-minute contract talks broke off late Saturday, the union said, raising the threat of disruptions at the key nickel hub.
“The talks have broken off,” Dan Serre, a unit president for United Steelworkers Local 2020, told Reuters. He said the company had not changed an offer already rejected by workers.
“They've held firm to that offer that fell way short of our members' priorities, so we're setting up picket lines.”
On Wednesday, 99.1 per cent of the 330 workers voted in favour of strike action if the two sides couldn't come to an agreement by midnight Saturday. Workers want a new contract matching the pattern set in recent deals in the nickel industry.
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 04/02/2007 : 01:23:50
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Radio New Zealand International
The Voice of New Zealand, Broadcasting to the Pacific
Te Reo Irirangi O Aotearoa, O Te Moana-Nui-A-Kiwa
Accessibility Information
My RNZI
Go to Site Menu
Analysts expect delay in New Caledonia’s two nickel projects
Posted at 18:23 on 01 April, 2007 UTC
Business analysts say they expect major delays in the development in New Caledonia’s two nickel projects which are among the largest in the world.
The Goro Nickel company says it is planning a number of improvements in environmental and other key areas, which it says won’t affect its launch.
The new major shareholder of the second project, Koniambo, is currently assessing its costs and is cautious yet determined that production will start by 2010.
However, a senior analyst at Intersuisse Ltd, Peter Arden, says substantial delays are almost certain.
“It is most likely that the project will be considerably further delayed. I don’t think we will see an early resolution and one thing about this is that costs have gone up dramatically. The owners will be cautious about committing to the project. They will take their time to make sure everything is organised and done on a satisfactory basis.”
Peter Arden predicts this will have a major impact on the global market and stresses nickel prices will spiral up due to a shortage of supply.
The director of the analysis group, Citigroup, also says he expects further delays.
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 04/06/2007 : 17:34:13
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China to cut or cancel export tax rebates on copper products
April 6 – China may reduce or cancel export tax rebates on copper products in the near future, an industry official told Interfax today.
A senior official with the China Nonferrous Metals Industry Association (CNMIA), who wished to remain anonymous, said that the government might reduce or cancel export tax rebates on copper products. The government's decision will depend on the amount of exports and China's trade surplus in March.
The CNMIA has lobbied the Central Government not to further reduce copper product export tax rebates, as the former tax rebate policy has already successfully reduced copper product exports (excluding copper tube) in the first two months of the year, according to the official.
China exported 70,756 tons of copper products January and February, down 9.7 percent from the previous year, according to the General Customs Administration.
China reduced copper product export tax rebates from 13 percent to 5 percent on Sept. 15, 2006.
Aluminium products are also to have their export tax rebates reduced or canceled in near future, he said.
China exported 255,800 tons of aluminium products in the first two months of this year, up 104.6 percent from last year. The aluminium product export tax rebates currently range from 8 percent to 10 percent.
"The government is determined to curb China's huge trade surplus and reduce over-investment in some sectors by restraining exports. It is very likely that the government will release a new policy on export tax rebates to cover most nonferrous metal products at the end of April or in early May," the official claimed.
China's fixed-asset investment in the nonferrous metals industry grew by 56.4 percent in the first two months of this year, while the average growth rate in urban investment stood at 23.4 percent during this period, according to statistics released by the National Bureau of Statistics.
The government is also considering increasing the export tax for most primary nonferrous metal products, including refined copper and aluminium and nickel, if there is not a substantial reduction in exports after the imminent export tax rebate policy is released, he said.
The export tax on electrolytic aluminium was increased to 15 percent on Nov. 1, 2006 and that of refined copper increased to 10 percent.
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Copper imports rise to meet around 40 pct of China's demand – Numis
China's demand for copper is helping sustain global prices for the commodity, with imports meeting 40 pct of China's needs compared with 10 pct a year ago, Numis Securities said.
"In 2007, the rate of Chinese refined production has dropped markedly, as concentrate stocks have dwindled, and the remainder of demand has been met by significantly higher imports," said Numis in a research note.
"Imports now account for around 40 pct of Chinese monthly demand versus less than 10 pct in mid-summer 2006," it added.
Copper market fundamentals have improved markedly during the last year, the note said.
"The monthly run rate of apparent Chinese demand has improved by over 25 pct versus its local nadir in May 2006 as local destocking throughout the supply chain has ceased and possibly reversed slightly. "This was met during much of the second half last year 2006 by Chinese SRB (State Reserve Bureau) stock drawdowns and gently growing refined imports," Numis added.
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India: Domestic copper prices to rise
APR 5 – Copper futures prices on MCX may improve further in the next few days on good buying support by local operators amid strong gains reported in London on large fund buying. Copper active April contracts on MCX were up 18.68%, to trade at Rs 316.30 per kg on Wednesday over the past month, while copper spot price at LME were higher 25% to trade at $7,305 per tonne on Wednesday over the past month.
Domestic prices are moving in tandem with the global markets but the domestic futures prices have not moved up as sharp as the London prices. Hence, there is a room for upside improvement. The domestic demand from wires and cable sector in the country is good, a local dealer said.
"Copper prices have registered strong gains recently as markets focused on higher demand from China. The red metal saw large fund buying as the key levels were broken in the international exchanges," an analyst with Kotak Commodities said.
China's demand for copper is helping sustain the global prices for the commodity with imports meeting 40% of China's needs compared with 10% a year ago, said a Numis Securities report. "We expect more upside in the metal as prices are still trading with fundamental outlook," an analyst said.
Global refined copper demand rebounded by 3.3% to 17.16 million tonne last year from 16.61 million tonne in 2005. Global copper use in 2007 is projected to grow by 4.2% to 17.88 million tonne, according to an International Copper Study Group (ICSG) forecast.
ICSG expects copper demand in China to be robust as companies restock their supplies.
Global mine production in 2006 fell short due to production problems in Indonesia, Chile, and the US, as well as labour disruptions in Chile and Mexico. The production in 2007 will increase by about 7% to 16.2 million tonne. World refined production is expected to increase in 2007 by just about 5% to 18.3 million tonne, largely through higher output in China and Chile.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
Edited by - pencilvanian on 04/06/2007 17:37:45 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 04/19/2007 : 18:31:43
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Base metals fall on China news
London Metal Exchange base metals fell across the board Thursday, triggered by fears that China may tighten its monetary policy to cool its economy and bearish U.S. manufacturing data, but a period of consolidation is expected over the near-term, said market participants.
Concerns that China may hike interest rates following China 1Q GDP coming in +11.1% on-year triggered an initial wave of selling across many asset classes, including base and precious metals, according to traders.
Three-month copper fell roughly 2% from Wednesday driven primarily by technical selling and fund liquidation, said one London based broker. Weaker U.S. economic data also exacerbated the bearish environment, the broker noted.
Manufacturers in the Philadelphia area saw only the mildest expansion in activity in April, with growth in the sector coming in below expectations.
In a report Thursday, the Federal Reserve Bank of Philadelphia said that its business conditions index, a gauge of the health of the region's manufacturing sector, had a reading of 0.2 in April, flat from March. Economists had expected April's reading to stand at 2.5.
Negative readings indicate a contraction in activity, while positive ones denote expansion.
However, consumer and bargain-hunting provided good underlying support, according to another broker.
In addition, LME data Thursday showing a drawdown in copper stocks by 1,500 tons was also supportive. Overall copper stocks have fallen some 6% since the start of April.
The market also continues to keep a close watch on developments over supply disruptions at PT Freeport Indonesia's Grasberg copper and gold mine. Thousands of workers have gone on strike at the mine, which produces 1,800 tons of copper and 9,000 troy ounces of gold a day.
The strike is expected to continue until Friday, when negotiations between labor representatives and the company resume.
In other metals, three-month zinc fell roughly 2% to a PM kerb of $3,600/ton. The weakness was triggered after prices broke through the 200-day moving average of $3,640 a metric ton and due to spillover weakness from the entire base metals complex, said a London trader.
Adding to bearish sentiment, World Bureau of Metal Statistics said Wednesday that global zinc market in surplus by 84,000 tons during January, February of '07.
Meanwhile three-month tin reversed its earlier gains to fall in sympathy with the base metals complex.
Over the past two days, tin prices have fallen over 10% triggered by news that PT Koba Tin, Indonesian's second-largest tin producer, was granted an export license.
Indonesia produces about 120,000 tons of tin a year, around one third of global supply. Last October, the Southeast Asian country closed dozens of small-scale smelters that together produced about half the country's annual tin output on allegations they were purchasing tin ore illegally, damaging the environment and evading taxes.
Prices in dollar a metric ton.
3 Months Metal Bid-Ask Change from
Wednesday PM kerb
Copper 7810.0-7825.0 Dn 175
Lead 1930.0-1931.0 Dn 50
Zinc 3600.0-3605.0 Dn 79
Aluminium 2845.0-2850.0 Dn 33
Nickel 47525.0-47530.0 Dn 375
Tin 13445.0-13450.0 Dn 255
...............(Translation: Price speedbump. Will China and India all of a sudden stop building into the 21st century? Not likely. Just like stocks, there are up days and there are down days. Sit up straight, buckle up, and brace yorself for a bumpy ride.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 04/19/2007 : 18:53:51
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The Daily Pfennig 4/19/07: China's GDP Soars!
Quote:
Well... Overnight China posted their first quarter GDP... I'm chuckling right now, because once again the economists and market observers got China all wrong!
They collectively said that China's economy would slow down, and that's what really led to the mid-term pause by the commodities last year... China slows down, their demand for commodities/raw materials dries up, and so do their prices.
But... Something funny happened on the way to the forum...
These economists and market observers got it all wrong!
China's first-quarter GDP grew even faster! HAHAHAHA... That's right... China's economy grew at 11.1% vs. the previous year... (the previous quarter's growth was 10.4%) How's that for your Sunday picnic? It's like I always say...
These people don't know what's going on in China...
Oh, they go there, and they think they know it all... But we all know that they know about as much as Bullwinkle!
Did anyone that forecasts GDP for China even come close to that 11.1% gain? No sirree, Bob!
So... Anyway, I'll get off my soapbox now and just talk about China for a minute...
Investment in China continues to be off the charts...
And now something that I've warned about for sometime now is beginning to take shape... Inflation in China has accelerated to 3.3%. The Chinese Central Bank does have a ceiling target on inflation of 3%... So, obviously this exceeds that ceiling... I wonder what the Chinese will do about this?
Well, you know my solution... It's the same one that I've had for as long as I've been warning about the surging inflation in China... And that would be to allow the currency to strengthen... A strong currency goes a long way toward keeping inflation in line... Look what it did for the U.S. in the late '90s and into the new millennium... The U.S. economy was rock and rolling, and the dollar was strong... Inflation wasn't the problem it is today, with the dollar much weaker, eh?
When it all adds up,
the amazing 11.1% growth in China is going to throw gasoline on the fire that's already lit under commodities...
..........Of course, this is only opinion,
but then again, so is most of what the experts spout off is only opinion wrapped in a few reasonable facts that seem to be rock solid evidence (until they are proven wrong like they have been time and again.)
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 04/20/2007 : 18:31:37
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20 April 2007
Copper up as China rate hike fears recede, LME stocks drop
Fri, Apr 20 2007 – Copper rose in morning trades as LME warehouse stocks declined for a fourth day running and as worries receded over possible rate hikes in China, where GDP data out yesterday showed rapid economic expansion in the first quarter.
The metal was also supported by the ongoing protest at Freeport McMoRan's Grasberg mine in Indonesia. Grasberg, one of the world's largest copper and gold mines, is still operating, but well below capacity.
At 10.05 am, LME copper for three month delivery was quoted at 7,875 usd a tonne in SELECT electronic trades, up from a kerb close of 7,825 usd a tonne yesterday.
"Copper is taking a little bit of encouragement from the (LME) stock decline and rise in cancelled warrants, and also concerns are diminishing over China rate hikes," said Roy Carson, analyst at Triland Metals.
"The tone looks quite steady. Expect the copper market to try to revisit 8,000 usd a tonne later today."
The LME said in a daily report copper stocks held in its warehouses fell by another 1,150 tonnes to total 169,075 tonnes, while cancelled warrants – metal set to be removed from warehouses – rose to 19,250 tonnes.
The fall in inventory for a fourth day running took overall stocks to a four-month low and sparked concerns the market might tighten further, especially with still strong demand from China.
Chinese copper imports rose to record levels in March. Meanwhile, data out yesterday showed the Chinese economy grew by a larger than expected 11.1 pct in the first quarter.
The data sparked a sell-off in Chinese equities amid fears the Chinese authorities might raise rates in an attempt to curb the booming economy. Base metals prices also fell yesterday on the rate hike fears.
But BaseMetals.com analyst William Adams said the sell-off yesterday was more to do with profit taking and consolidation from recent peaks. Copper hit a 7-month high of 8,100 usd a tonne on Tuesday.
"Overall the markets seem to have taken the sell-off in Chinese equities as another excuse to take profits, but the follow-through weakness across global equities did not last," he said.
He added that while the metals might consolidate near term, "the overall picture is for further strength to unfold and China's GDP figure is probably the most bullish indicator we have had for a long time".
Aluminium was down at 2,830 usd a tonne against 2,845 usd, as the metal struggled to recover from a huge increase of nearly 12,000 tonnes in LME stocks yesterday.
Nickel was also lower, down at 47,400 usd a tonne against 47,525 usd.
Tin was up sharply, rising more than 2 pct to 13,730 usd a tonne as the metal recovered from sharp falls this week, which followed news Indonesia granted export permits PT Koba Tin, the country's second biggest producer.
The news indicated supply from Indonesia, the world's second largest tin producer, is recovering after having been disrupted for much of this year because of a government crackdown on illegal tin mining.
Zinc was up at 3,630 usd against 3,600 usd while lead rose to 1,950 usd against 1,930 usd.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 04/24/2007 : 18:06:39
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LME base metals ease on US economic data
Bearish U.S. housing data triggered a flurry of speculative liquidation in copper and the rest of the base metals late Tuesday, with further falls expected overnight, market participants said.
LME copper reversed earlier gains to fall sharply as the markets digested bearish U.S. housing and economic data, traders said.
Existing-home sales took the biggest tumble in 18 years during March as poor weather struck demand. Home resales fell to a 6.12 million annual rate, an 8.4% decrease from February's pace, the National Association of Realtors said. However, inventories of homes fell 1.6% at the end of March to 3.75 million available for sale.
Adding to the downward momentum, U.S. consumer confidence fell significantly in April. The Conference Board, a private research group, said its index of consumer confidence for April moved to 104.0 compared with the upwardly revised 108.2 in March. It was the second consecutive monthly decline and was greater than expected.
In other bearish news, the International Copper Study Group said Tuesday that the global refined copper market was in surplus to the tune of about 40,000 metric tons in January, thereby adding to greater copper price pressure.
Nevertheless, copper maintained its broad range between $7,600 and $8,100/ton, a base metals trader said. If copper prices fall and are unable to hold support at $7,855/ton, then prices could break sharply lower towards $7,400/ton, the trader added.
Over the short term, U.S. funds and investors are likely to continue selling copper lower with Asia also expected to bargain hunt, said a London-based LME broker.
The rest of the base metals and precious metals markets took their cue from copper.
After touching a fresh record high of $50,200/ton earlier Tuesday, speculative liquidation was triggered in nickel as investors took flight from risk, sending prices sharply lower, said the LME broker. Nickel's 10-day moving average of $47,557/ton is seen as the next support, analysts said.
Zinc too fell in line with the general LME complex but held up generally due to declining LME inventories.
In addition, reports that China is considering adopting measures to reduce tax rebates on exports of zinc provided earlier market support. This will help to eliminate the enormous amount of Chinese zinc exports weighing on the international market, analysts said.
China's unwrought zinc exports during January to March increased by 400% on the year to 125,777 tons, according to recent government data, and has been a major cap to upside price potential, some market players said.
In other metals, LME tin held in positive territory around $13,800/ton, although down sharply from earlier highs. Another drawdown in LME inventories Tuesday added to already tight stocks. LME tin stocks have fallen some 10% since the start of April.
Prices in dollar a metric ton.
3 Months Metal Bid-Ask Change from
Monday PM kerb
Copper 7800.0-7820.0 Dn 209
Lead 1985.0-1990.0 Up 25
Zinc 3735.0-3740.0 Unch
Aluminium 2839.0-2840.0 Dn 23
Nickel 47600.0-47700.0 Dn 1750
Tin 13650.0-13700.0 Dn 50
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 05/13/2007 : 12:41:33
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Old news, but worth posting.
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Wednesday, February 21st, 2007 at 4:08 am
China’s New-Found Mineral Wealth
By Mike Hewitt
Excerpt
Copper
A 400 km seam of copper has been found along Tibet’s Yarlung Tsangpo Gorge. One mine there called Qulong, is predicted to hold copper reserves that could exceed those of Dexing in east China’s Jiangxi Province.
The mine is expected to be in production by mid-2008.
China will increase its copper concentrate output by 30 percent because the country has started to exploit three of the plateau’s copper deposits in Qulong, Pulang and Yangla regions estimated to add over 24 million tonnes. The mines are predicted to produce 250,000 tons of copper concentrates every year – enough to increase China’s domestic output by a third.
This may effect prices in the future if the mines are as productive as the experts say.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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Base Metals Ongoing News
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