Home > News > Others

Copper above $10,000, assails record; US data supports

Friday, Feb 11, 2011
点击:

SINGAPORE, Feb 11 (Reuters) - London copper rose one percent on Friday, trading back above $10,000 a tonne, targeting the record high earlier this week after positive U.S. jobless data,while Shanghai metal also pushed ahead and tin hit a record high.


FUNDAMENTALS


* Three-month copper on the London Metal Exchange rose 1 percent to $10,045 a tonne by 0131 GMT, having touched a record high of $10,160 at the start of the week.


 * Shanghai's most active copper contract rose 0.8 percent to 76,490 yuan.


* "Dabbling is the word. I think (Chinese players) got bored on holidays and came back expecting another fireworks show," a trader in Sydney said.


* LME copper ended the previous session about a quarter percent higher, but investors may be getting impatient with the metals' inability to choose a path.


* Copper has surrendered more than 3 percent of its value from the highs, as investors began to question whether the sky-high futures price was justified given the sluggish state of physical market demand.


* Backing the upbeat tone, U.S. claims for first-time jobless benefits fell more than expected in the latest week to a 2-1/2-year low, data showed. 


* In other metals, tin rose 1 percent to a record $31,800, buoyed by the renewed vigour in copper, and nickel rose 1.7 percent to $28,349.


* There may be a pennant forming in nickel, with a bias to break out to the upside $29,500.


MARKETS NEWS   


* The Standard & Poor's 500 Index and the Nasdaq Composite Index eked out gains in the final minutes of trading as Egyptian President Hosni Mubarak said he would delegate powers to the vice president.   


* The U.S. dollar drifted higher early in Asia on Friday, having made solid gains overnight as renewed jitters about the euro zone debt crisis weighed on the common currency.  


* Gold fell on Thursday as the dollar rose after encouraging U.S. job data, and as safe-haven demand faded as investors expected Egyptian President Hosni Mubarak to step down, even though that development failed to materialize.  


* Copper bounced to a firmer finish on Thursday, as chart-based buyers returned to the market following a three-day phase of consolidation that saw prices fall from record levels.

Recommended exhibitions

16TH ARAB INTERNATIONAL ALUMINIUM CONFERENCE
  ARABAL, which is being organized and hosted by Qatalum, is the premier trade event for the Middle East's aluminium i......
Aluminium 2012
  ALUMINIUM is the leading B2B platform in the world for the aluminium industry and its main applications. This is whe......
The 4th edition of Zak Aluminum Extrusions Expo
 Date

  14th - 16th December 2012

  Venue

  Pragati Maidan,

  New Delhi,India.

  Exhibition Timings

 ......
ALUMINIUM DUBAI 2011
Name:ALUMINIUM DUBAI 2011
Time:2011-5-9 to 2011-5-11
Place:Dubai International Convention & Exhibition Centre, Dubai, UAE......