Reuters reported that Shanghai copper is expected to be firm supported by US data that suggests the economy is on its way to recovery and the dollar that pared gains from the previous session.
Fundamentals;
1. Three month copper on the London Metal Exchange closed up more than one percent at USD 8,250 per tonne.
2. LME copper stood at USD 8,255 when Shanghai closed on Wednesday.
3. Latest data from the US including 2 year low new jobless claims and improving consumer spending hinted that the world's largest economy is nearing a self-sustaining recovery.
4. The US market will be shut for Thanksgiving holiday on Thursday.
5. Chile's Collahuasi mine said that it persuaded another 30 strikers to go back to work on Wednesday but management must still lure the majority off the picket line as it tries to break 20 day long strike.
6. Ireland revealed an austerity plan to secure an international bailout and officials gave mixed messages on whether its debt crisis could spread to other euro zone members or even endanger the common currency.
7. LME copper stocks fell 925 tonnes to 357,125 tonnes on Wednesday, its lowest level in 13 months. The ratio of cancelled warrant material tagged for delivery to the total stockpile stood at 8.9% signaling active demand.
8. Production cuts by smelters since August have driven down primary aluminum stocks in China by as much as 25%.
9. Investors are watching the situation at the Korea peninsula, after North Korea and South Korea exchanged fire on Tuesday which sent shockwave across financial markets.
（Sourced from Reuters）
豫公网安备41010502003434号