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Stay current with what's driving commodity prices with Connexion commodity watch and headline news. 1 Week Copper Prices - Copper Price Chart
For a complete array of live commodity charts, please visit our Commodities Watch page
Commodity News Blog 
Saturday, 26 February 2011

Copper posts big gain as energy prices stabilize
Copper posted its biggest daily advance in three months on Friday, as buyers for the industrial metal emerged after energy prices retreated from this week's sharp rally, calming worries about inflation and the global economy...

Two arrested in copper theft face additional charges
An Odessa couple charged in connection with an early-morning theft that left their supposed accomplice dead now face more theft charges...

Copper strengthens on industrial demand
Copper strengthened by Rs 2 per kg on the local non-ferrous metal market today on the back of increased industrial demand, amid rising trend in global markets...

Oil Caps Its Biggest Weekly Gain in Two Years on Libyan Unrest
Crude oil capped its biggest weekly gain in two years on concern the turmoil that has cut Libya’s output may spread to other parts of the Middle East...

Gold Falls, Halting Longest Rally in Six Months; Silver Drops
Gold futures fell for the first time in two weeks on sales by investors following the longest rally since August. Silver dropped for the second straight day...

Russia may cash in as China cuts rare earth metal exports
China’s decision to reduce exports of rare earth metals shocked the world, but 
the crisis could be an opportunity for Russia... 

Connexion Connexion AT 01:43 pm   |  Permalink   |  Email
Thursday, 24 February 2011

Copper Demand Still Strong Despite Downturn in Price
The price of copper slipped to its lowest price in a month yesterday as investors feared that surging energy prices may boost inflation growth and force the Chinese government to once again raise interest rates. China's copper demand has surged in recent years as the nation needs loads of the red metal to meet its modernization requirements for electricity and infrastructure...

Copper dips as unrest spurs inflation worries
Copper prices fell to their lowest in nearly a month on Wednesday as escalating unrest in Libya and surging
oil prices threatened to derail global economic recovery, weighing on prospects for industrial metals...

Copper Drops to Four-Week Low as Middle East Turmoil May Derail Economies
Copper fell to a four-week low on speculation that unrest in North Africa and the Middle East will derail recovering economies as oil prices jump. Libyan leader Muammar Qaddafi vowed to fight a growing rebellion until his “last drop of blood” as bodies were left in the streets of Tripoli, the capital...

Choppy copper prices and the growth of Asia - Leon Westgate
Copper has, longer term, some very solid fundamentals and I do expect it to continue to rally over the next 18 to 24 months or so - establishing itself about $10,000 and heading on towards $12,000. Short term however, the risk is to the downside...

Steel Prices Continue to Shadow Raw Materials Costs in the BRIC Countries
Steel prices in the BRIC (Brazil, Russia, India and China) countries increased by an average 4.2% in February, driven mainly by hefty price hikes in Russia, said MEPS, the U.K.-based steel consultancy, on Thursday...

S.Africa to push for lower steel prices 
South Africa wants at least 21.4 percent of iron ore output from Kumba Iron Ore's (KIOJ.J: Quote) Sishen mine to be sold at cost plus three percent to help the domestic steel industry, a minister said on Thursday... 


Metals weaken as recovery dampens on rising Oil
Base metals traded lower across the board in Asian session on the London Metal Exchange, the benchmark metal exahnge on Thuesday. LME 3 Month Copper last traded at USD 93 a tonne. While 3 Months Lead and Nickel on LME traded at USD 2500 per tonne and USD 28150 per tonne respectively...

Connexion Connexion AT 02:17 pm   |  Permalink   |  Email
Tuesday, 22 February 2011
Aluminum pound  $1.1489  $1.1313  1.68%  $1.0492  9.50%
LME
Copper pound  $4.4899  $4.5296  (1.05%)  $3.7784  18.83%
LME
Nickel pound  $13.2109  $12.7596  4.33%  $10.4213  26.77%
LME
Tin pound  $14.5853  $14.3222  2.20%  $11.9363  22.19%
LME
Zinc pound  $1.1471  $1.1052  3.77%  $1.1106  3.29%
LME
             
 
Crude Oil barrel  $85.77  $84.25  1.88%  $81.04  5.84%
Kitco
Diesel gallon  $3.557  $3.525  1.03%  $3.096  14.89%
AAA
Gasoline (unleaded) gallon+  $3.163  $3.128  1.25%  $2.809  12.60%
AAA
Natural Gas mbtu  $3.90  $4.11  (6.25%)  $3.36  16.07%
DOE
       
Gold ounce  $1,389.10  $1,356.80  2.39%  $1,359.80  2.15%
Kitco
Silver ounce  $32.66  $29.91  11.11%  $24.75  31.69%
Kitco
    
US Dollar one euro =  $1.3703  $1.3555  1.06%  $1.3941  (1.71%)
Kitco
  100 yen =  $1.2022  $1.1986  0.32%  $1.2439  (3.35%)
Kitco
  US $index =   77.61   78.43  (1.06%)   77.14   0..61%
Kitco
1 tonne = 2,205 pounds. Mbtu = 1 million British thermal units. Gasoline price = national average at retail.
One barrel = 42 gallons. Natural gas prices as reported by U.S. DOE for at Henry Hub
** Change from 2/13/11  price. *** Change from 10/29/10 using most recent price.

 

NOTE: TEDMAG.com provides the above prices for your information only. Do not use the above data to trade commodities. TEDMAG has made every effort to obtain accurate prices from responsible public sources, but these prices may not reflect actual transactions or prices available to you if you seek to trade.

Additional Commodities Information

 

   110222cwatch1

From www.KitcoSilver.com -- 10-year price chart for Silver, above; 30 day chart, below.

    110222cwatch2

 

 
Sources:

AAA = Fuel Gauge report, updated daily – www.fuelgaugereport.com; see also www.aaa.com
DOE Energy Assurance Daily: www.oe.netl.doe.gov/ead.aspx
Kitco = www.kitco.com, www.kitcometals.com
LME = London Metal Exchange = www.metalprices.com; www.metalprices.com/pl.asp

Connexion Connexion AT 12:39 pm   |  Permalink   |  0 Comments  |  Email
Saturday, 19 February 2011

Copper Prices Climb on Bets Chinese Demand Will Remain Robust
Copper prices rose in London on speculation that consumption in China, the world’s biggest metal user, will remain robust...

Zambia Copper Output Rose 17% to 819,159 Tons in 2010, Central Bank Says
Zambia produced 819,159 metric tons of copper last year, 17 percent more than a year earlier, Bank of Zambia Governor Caleb Fundanga said today in an e-mailed statement...

Flat Steel Prices Still Rising Sharply in Northern Europe – MEPS
Strip mill steel product prices in Northern Europe have risen sharply in the first few months of 2011 due to lean inventories, tight capacity, disrupted supply chains and higher mill costs, said MEPS, the UK-based steel consultancy on Friday...

All about copper
Copper sprinted to a record peak at US$10,000 a tonne on Thursday as investors bet supply shortages and buoyant demand growth this year would fuel a strong rally. The industrial metal used extensively in power and construction has surged more than 60% since last June when financial and commodity markets tumbled on fears of sovereign default in Europe. Here's all you need to know about copper, what's driving it and where analysts think it can go...

Why 'Dr. Copper' is the master metal
With copper trading at unprecedented highs, the question is being asked: isn’t there anything cheaper we can replace this stuff with?

As China slashes exports of rare earth elements, U.S. mine digs for more
Elements such as cerium, neodymium and dysprosium are crucial to the clean-tech and high-tech industries, but China has slashed exports. A Colorado firm hopes to fill the void by ratcheting up output from a mine in the Mojave Desert...

Connexion Connexion AT 01:54 pm   |  Permalink   |  0 Comments  |  Email
Friday, 18 February 2011

Copper Declines in New York as China Curbs Bank Lending Again
Copper fell in New York, extending a weekly drop, after China raised banks’ reserve requirements for a second time this year to curb inflation...

Zambia Copper Output Rose 17% to 819,159 Tons in 2010, Central Bank Says
Zambia produced 819,159 metric tons of copper last year, 17 percent more than a year earlier, Bank of Zambia Governor Caleb Fundanga said today in an e-mailed statement...

Copper May Drop as Buyers Delay Purchases, According to Survey
Eleven of 18 analysts, investors and traders surveyed by Bloomberg, or 61 percent, said the metal will drop next week...

Shanghai copper falls to 3-week low on tightening fears
Shanghai copper fell more than one percent to its lowest in nearly three weeks on Friday, as worries on further monetary tightening in China...

Copper reverses gains, Red Kite warns prices need to fall 20 pct
London copper fell 1 percent on Thursday, reversing earlier gains that saw the market back above $9,900 as worries about inflation and the demand-stifling effect of prices near highs kept sentiment in check...

Copper substitution gathering pace
Copper prices are becoming "unacceptable" and substitution of the metal is gathering pace in some uses, UK copper products distributor Cubralco said after the metal hit a record high $10,190 a tonne on Tuesday...

Connexion Connexion AT 11:07 am   |  Permalink   |  0 Comments  |  Email
Tuesday, 15 February 2011

Copper Falls Most in Three Weeks as Record Prices Curb Demand
Copper fell the most in three weeks on speculation that record prices will slow demand, resulting in increased stockpiles...

Metals prices to continue to rack up firsts, set new landmarks--Barclays
Barclays Commodities research has determined copper and tin are blazing new trails in record-breaking metals prices...

Copper makes a big jump in dragon's high appetite zone
Copper made continuous progress for third day in London as China’s imports suddenly jumped, boosting consumption prospects in the world’s largest metals user...

Chile says energy measures should not hit copper mines
Planned energy-saving measures to lower electricity voltages and save reservoir waters should not affect copper mines in top producer Chile, Mining and Energy Minister Laurence Golborne said on Monday...

Copper Imports by China Climb 5.7% on Stockpiling
Copper imports by China, the world’s largest consumer, rebounded 5.7 percent in January from the previous month as fabricators increased stockpiles ahead of a seasonal ramp up in production after the Lunar New Year break... 

Copper slips from record on China inflation worry 
Copper unraveled from a new record high on Tuesday, posting its biggest one-day slide in three weeks, as rising inflation in top consumer China dented the shorter-term demand view and raised the specter of more monetary
tightening...

Copper hits record, are producers selling forward? 
As copper prices surge to a record high over $10,000 a tonne, analysts and traders ask whether producers are trying to lock in current price levels for their future output...

See our Commodities Watch page for extensive, dynamic commodity charts.

Connexion Connexion AT 03:53 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, 15 February 2011
Aluminum pound  $1.1313  $1.1469  (1.49%)  $1.0492  7.83%
LME
Copper pound  $4.5296  $4.5645  (0.92%)  $3.7784  19.88%
LME
Nickel pound  $12.7596  $12.8185  (0.57%)  $10.4213  22.44%
LME
Tin pound  $14.3222  $14.1634  1.33%  $11.9363  19.99%
LME
Zinc pound  $1.1052  $1.1272  (1.98%)  $1.1106  (0.49%)
LME
             
 
Crude Oil barrel  $84.25  $87.71  (4.27%)  $81.04  3.96%
Kitco
Diesel gallon  $3.525  $3.491  1.10%  $3.096  13.86%
AAA
Gasoline (unleaded) gallon+  $3.128  $3.124  0.14%  $2.809  11.36%
AAA
Natural Gas mbtu  $4.11  $4.69  (17.26%)  $3.36  22.32%
DOE
       
Gold ounce  $1,356.80  $1,348.60  0.60%  $1,359.80  (0.22%)
Kitco
Silver ounce  $29.91  $29.14  3.11%  $24.75  20.85%
Kitco
    
US Dollar one euro =  $1.3555  $1.3595  (0.29%)  $1.3941  (2.77%)
Kitco
  100 yen =  $1.1986  $1.2170  (1.51%)  $1.2439  (3.67%)
Kitco
  US $index =   78.43   78.02  0.53%   77.14   1.67%
Kitco
1 tonne = 2,205 pounds. Mbtu = 1 million British thermal units. Gasoline price = national average at retail.
One barrel = 42 gallons. Natural gas prices as reported by U.S. DOE for at Henry Hub
** Change from 2/4/11  price. *** Change from 10/29/10 using most recent price.

 

NOTE: TEDMAG.com provides the above prices for your information only. Do not use the above data to trade commodities. TEDMAG has made every effort to obtain accurate prices from responsible public sources, but these prices may not reflect actual transactions or prices available to you if you seek to trade.

Additional Commodities Information

 

   110215cw1

Charts created on barchart.com: Above, 5-year graphic of U.S. dollar vs. Chinese yuan; below, 5-year graphic of U.S. dollar vs. Brazilian real. Exchange rates on 2/11/11, per kitco.com: $1 U.S. = 1.66 Brazilian reals and 6.59 Chinese yuan.

    110215cw2

 

 
Sources:

AAA = Fuel Gauge report, updated daily – www.fuelgaugereport.com; see also www.aaa.com
DOE Energy Assurance Daily: www.oe.netl.doe.gov/ead.aspx
Kitco = www.kitco.com, www.kitcometals.com
LME = London Metal Exchange = www.metalprices.com; www.metalprices.com/pl.asp

Connexion Connexion AT 01:56 pm   |  Permalink   |  0 Comments  |  Email
Friday, 11 February 2011

Consolidation to be 'recurring theme' in rare earths
Supply of rare-earth metals, particulary those classified as 'heavy' rare earths, will remain “strained” over the next four years...

Record copper prices fail to register in ETFs
Cautious investors are holding back from copper ETCs despite the metal reaching record prices, according to providers...

Copper Erases Advance, Heads for Weekly Decline on China, Egypt
Copper erased gains on renewed concern that China, the world’s largest user, will step up measures to combat asset-price gains after raising borrowing costs this week for the third time in four months...

Copper above $10,000, assails record; US data supports
London copper rose one percent on Friday, trading back above $10,000 a tonne, targeting the record high earlier this week...

Copper May Drop Following China’s Rate Increase, Survey Shows
Copper may fall on concern about a potential demand slowdown after China, the world’s biggest consumer of the metal, raised interest rates, a survey showed...

Copper bounces to end up, China demand woes cap
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 further away from record levels...

See our Commodities Watch page for extensive, dynamic commodity charts.

Connexion Connexion AT 01:40 pm   |  Permalink   |  Email
Wednesday, 09 February 2011
Connexion Connexion AT 08:22 am   |  Permalink   |  Email
Tuesday, 08 February 2011

With prices up 39% in the last six months, demand for wires and cables has declined 35%.

The demand for copper wires and cables has declined around 35 per cent in the last six months due to a dramatic spurt in copper prices. Consequently, cabling contractors in major infrastructure and housing projects are demanding revision in their contract valuation.

Experts believe many infrastructure and constructions projects are delayed due to the ongoing negotiations between contractors and builders.

The wire and cable industry accounts for over 30 per cent of the country’s total consumption of 700,000 tonnes. Depending on the size of the project, copper wires and cables account for 7-10 per cent of the total cost.

Sandeep Jain, managing director of Laurel Wires Ltd, a Mumbai-based cable manufacturer, said rising copper prices kept contractors away from the market in December and January, reducing the business nearly by half. Current prices were more than three times the cost of production, he added.

Copper prices have quadrupled in the last two years from $2,800 a tonne in 2008 to over $10,000 tonnes at present. However, they have surged a phenomenal 39 per cent in the last six months from $7,195 on July 30, 2010.

As a consequence, the Indian wire and cable industry is gradually shifting from copper to aluminium, especially in high-tensil wire applications. But, there are certain areas where copper wire can not be replaced with aluminium, like in household electrical equipment.

The current price is purely speculative, based on low inventory and high demand from emerging economies like China, reckon analysts. India, being a copper-surplus country, realises better when global price rises, but the downstream industry takes a hit.

Higher realisation might boost the top line of domestic companies, but would surely take a toll on the bottom line, said Jain.

Surendra Mardia, ex-president of the trade body, Bombay Metal Exchange, said, “The rise in prices has increased housing cost globally. Copper was getting a part of the paper money (economic booster and the second round of quantitative easing) being pumped into the system, thereby, helping the price rise, Mardia added.

But, impact would be severe when wire and cable companies would pass on the price rise to consumers within the next two months, Mardia added.

According to analysts, the demand for wire and cable is likely to remain robust, as emerging economies focus more on infrastructure development.

Source: Dilip Kumar Jha / Mumbai, Business Standard

Connexion Connexion AT 06:21 am   |  Permalink   |  0 Comments  |  Email
Tuesday, 01 February 2011

Copper prices experienced a sharp rise in the second half of 2010, and in 2011 copper prices have remained somewhat range-bound.

To blame is a weak physical market partially on a lack of Chinese buying ahead of the nation’s New Year celebrations in February.

Subdued price momentum at the outset of the first quarter is not unusual.

"Yet, we believe that copper will ultimately resume its uptrend as fundamentals strengthen. This has also been mirrored by our Pressure Indicator, which has recently issued a “buy”
signal on a raft of supportive macro economic data from China, but also from the US," says the Global Commodity Research team at Bank of America Merrill Lynch.

Bank of America have suggested this morning that world copper demand growth will be evenly balanced.

To cool the domestic economy, China’s government continues to use administrative measures (e.g. in the commercial property sector) and also tightens monetary policy.

"Hence, a slowdown of the nation’s copper demand is our base case. Nevertheless, we believe that selective support for instance to social housing should help to maintain economic growth and ultimately an expansion in copper demand," reads the report.

Following significant restocking through 2009, China has tapped excess copper stocks in 2010, thereby capping the country’s import requirements. Given the movement of LME-SFE price differentials, last year’s draw on inventories was not unusual.

Partially because of our forecast that LME copper prices will average $11,250/t ($5.10/lb), we see limited scope for significant restocking.

"Acknowledging also some increases in domestic copper output and a slowdown in demand growth, our models suggest that the Chinese market will be less short copper. Hence, we estimate underlying import requirements of only around 2.8mt of refined copper this year. Nevertheless, even after incorporating this, we still forecast a global market deficit to the tune of 450kt, which should take reported stocks to less than 1 week of demand," say Bank of America Merrill Lynch.

Source: Will Peters, Economy News

Connexion Connexion AT 12:56 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, 01 February 2011

Copper rose to a record as expanding manufacturing in China added to signs of growth in industrial- metals demand. Aluminum and nickel climbed to two-year highs.

China’s manufacturing expanded last month, according to data from the country’s logistics federation and a purchasing managers’ index from HSBC Holdings Plc and Markit Economics. Global economic growth of 4 percent this year and next will mean similar gains in industrial-metals demand for both years, led by aluminum and nickel, Credit Agricole SA said.

“We’ve got a reasonably positive view of the global economy, with Asia leading the way, but the U.S. is accelerating and in Europe, the data isn’t too bad,” said Robin Bhar, an analyst at Credit Agricole in London. “Copper and tin would be right at the top of the favorites list because of lack of supply. Aluminum is a very good demand story.”

Copper futures for March delivery jumped 78.45 cents, or 1.7 percent, to $4.533 a pound at 11:27 a.m. on the Comex in New York, after reaching an all-time high of $4.542.

Copper for delivery in three months advanced $193.25, or 2 percent, to $9,938.25 a metric ton ($4.51 a pound) on the London Metal Exchange. Earlier, the price reached a record $9,955.

“Underlying fundamentals on the copper market remain healthy,” Merrill Lynch said today in a report. “A raft of supportive macroeconomic data” from China and the U.S. signal that copper is a “buy,” analysts including London-based Michael Widmer said.

The metal will average $11,250 in 2011, the bank said, repeating a December forecast.

China and the U.S. are the biggest copper buyers.

On the LME, aluminum touched $2,556 a ton, the highest since Sept. 23, 2008, and nickel gained to $27,990 a ton, the highest since May 8, 2008.

Aluminum Demand

Industrial-metals demand has been gaining since the second half of 2009, with aluminum consumption rising by 20 percent and copper 10 percent, boosted by stockpiling, Bhar of Credit Agricole said. Restocking in the U.S. may support demand this year, he said.

Zinc and lead also rose in London. Tin was up $250 at $30,350 a ton after reaching a record $30,400.

--Editors: Daniel Enoch, John Deane.

To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net; Yi Tian in New York at Ytian8@bloomberg.net.

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net.

Source: Bloomberg Business Week

Connexion Connexion AT 12:53 pm   |  Permalink   |  0 Comments  |  Email
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