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...
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...
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...
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...
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
From www.KitcoSilver.com -- 10-year price chart for Silver, above; 30 day chart, below.
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...
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...
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...
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
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.
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 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...
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.
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.
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.
Canada's main stock market, the Toronto Stock Exchange, closed up 105 points or near 1% - albeit 20 points off session highs after some late profit taking ahead of the long holiday weekend in
The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month."
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Sky News Australia - Xstrata PLC's (XTA.LN) Australian coal unit said Tuesday it would lay off more workers in the country as it merges two local divisions and closes its Brisbane office. Xstrata Coal's New South Wales and Queensland divisions would be combined in a single ...
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India Education Diary - Also speaking on the occasion, the Head of Paradeep Complex of Essar Steel, Mr Pramod Kumar Gupta said that“ Essar Steel is committed towards the welfare and empowerment of women in Odisha. We have been promoting the Women SHGs at Paradeep ...
A total of 18 government officials in southwest China's Guizhou province have been punished over three coal mine accidents that killed nearly 60 people, officials said. The officials work in two counties under Liupanshui city, Xinhua reported. The director of the work safety department and the heads of two counties were given administrative disciplinary sanctions, while other officials were ...
On March 15, the watchdog completed a probe into the TMK, OMK Steel, and ChelPipe steel pipe manufacturers, as well as Severstals Izhora pipe mill. The probe was initiated on suspicion of collusion and conspiracy. The watchdog stated that it uncovered ...
Northwest Pipe Company is a manufacturer of large-diameter, high-pressure steel pipeline systems for use in waters infrastructure applications, primarily related to drinking water systems, and the Company also manufactures other welded steel pipe ...
Feb., some 17,000 tons of steel casting were produced (decreased by 68.7 percent per year), steel pipes - 15,400 tons (increased by 96.1 percent), production of aluminum profiles, rods increased by 3.1 times - up to 30.5 tons. Amount of production of ...
NEW YORK Edgen Group Inc. expects the first half of this year to be sluggish amid continued soft bookings in its energy and infrastructure segment and pricing pressure on all products, particularly in its oil country tubular goods (OCTG) segment ...
Local government of the Yanjiang district in Ziyang in China's Sichuan Province has drawn up a 5 year development target for the Ziyang based facilities of Chinese steel pipe producer Baoji Petroleum Steel Pipe Co involving construction of a new steel ...
At present, steel industry in China is facing a serious excess capacity . Due to the low price of products, steel companies are running with meager profit or even no profit. In order to expand the market and improve the sales, WISCO attaches great ...
Tokyo Steel Manufacturing will roll over its domestic steel prices for April contracts from March to monitor market movements, the mini-mill said Monday, bringing an end to three successive months of price increases. The decision means Tokyo Steel's ...
Centaurus Metals (ASX: CTM) is an emerging iron ore company focused on the Iron Quadrangle region of south-eastern Brazil. The company has a portfolio of highly prospective iron ore projects in this region including the flagship Jambreiro Project ...
Bloomberg reported that Mr Judy Zhu, a Shanghai based commodity analyst at Standard Chartered Bank Plc, said that steel prices in China may see a mild rebound in the second quarter as traders gradually destock their inventory and seasonal demand ...
TORONTO (Reuters) - Labrador Iron Mines Holdings Ltd (LIM.TO) said on Tuesday it had entered a strategic partnership with a subsidiary of Tata Steel Ltd (TISC.NS), sending the Canadian company's shares ...
Shares in global miners Rio Tinto and BHP Billiton fall 4percent and 3.3 percent respectively and feature among the top decliners on theFTSEurofirst 300 on concerns about iron ore prices. Greg Lilleyman, ...
A number of small steelrolling mills in China's top producing province have haltedproduction to avoid environmental inspections, industry sourcessaid, a move that could weigh on iron ore prices shouldpollution ...
By Manolo Serapio Jr PERTH, March 19 (Reuters) - Price provider Platts willlaunch on Friday an electronic window to more transparentlyassess spot iron ore transactions amid accusations by topimporter China ...
WASHINGTON, D.C. The American Iron and Steel Institute (AISI) reported today that for the month of January 2013, U.S. steel mills shipped 8,210,726 net tons.
SunCoke Energy, Inc. and VISA Steel Limited announced today the official launch of their cokemaking joint venture in India. The new joint venture will be called VISA SunCoke Limited.
With a likely stake sale in Indias largest integrated iron and steel maker Steel Authority of India (SAIL), the government may successfully achieve its scaled-down disinvestment target of R24,000 crore for the current fiscal. The government had earlier ...
BRUSSELS (Reuters) - ArcelorMittal , the world's largest steelmaker, set out a new $3 billion (1 billion pounds) savings plan to restore steel margins to levels unmatched since the crisis struck in 2008. ...
MILWAUKEE (Reuters) - Republican Governor Scott Walker on Monday signed a bill intended to streamline environmental regulations and clear the way for a possible $1.5 billion iron ore mine in the far northwest corner of Wisconsin.
Global miner Rio Tinto has slowed progress of its multi-billion investment inGuinea's untapped Simandou iron ore deposit and slashed staff,government sources in the West African country said on Monday. ...
Global miner Rio Tinto has slowed progress of its multi-billion investment inGuinea's untapped Simandou iron ore deposit and slashed staff,government sources in the West African country said on Monday. ...
Physical coal prices werebroadly unchanged on Monday as utilities remained aloof givenabundant supply while swaps closed slightly higher despiterenewed concerns about the euro. Coal of Colombian, Russian ...
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MUMBAI (Reuters) - Shares of Coal India(COAL.NS), the world's largest coal miner by output, tumbled to a more than five-month low on Monday after government sources said the Indian government was planning ...
Australian thermal coalbenchmark prices dropped below $91 per tonne this week as lowerdemand and ongoing negotiations between Japanese utilities andAustralian producers for an annual supply contract continued ...
Brazil's Vale stillexpects to export 4.9 million tonnes of coal from its mine inMozambique this year despite a temporary shutdown of a flood-hitrailway line linking its pit with the port, a senior officialsaid ...
BEIJING (Reuters) - China's bloated steel sector is facing a wave of closures in the next few years, with slowing demand and decades of "blind" expansion finally about to catch up with the industry, ...
"The new LME Asian Helpdesk is a key step in integrating LME member support in Asia with the HKEx IT teams", said Andrew Williams, Director of Systemsm Operations at the LME. "It is vital that we provide on-the-ground systems mback-up as our Asian client base expands."
For intra-day, support for the base metal is seen at 407 and amp; 404 levels while on the upper side prices may recover till 412 levels. and nbsp;Intra-day traders are advised to be cautious while taking positions. and nbsp;
Johnson Matthey noted in its Platinum 2013 review that there was surge in buying from jewellery manufacturers in China last year to supply the growing number ofretail outlets.
The German Manufacturing Purchasing Managers' Index (PMI) and US jobless claims data are scheduled to be released later today and investors may get clues for their trading. and nbsp;Copper futures on Globex division of Comex was seen trading down by 1.23% at $3.326 per pound as of 10.27 AM IST on Thursday.
For intra-day, support for the base metal is seen at 829 while 845 is the resistance. Traders may buy around 836 with stop loss of 829 for the target of 844. MCX nickel for May delivery was seen trading up by 1.82% at Rs.845.20 per kilogram as of 05.48 PM IST on Wednesday. US existing homes sales data is scheduled to be released at 07.30 PM IST. Also, Mortgage Bankers Association (MBA) data is expected to be released at 04.30 PM IST today. Home sales data is is likely to impact nickel price movement.
For intra-day, support for the commodity is seen at 422 and amp; 425 levels while on the lower side prices have support at 410.5 and 408 levels. and nbsp;US Existing homes sales data is scheduled to be released at 07.30 PM IST. Also, Mortgage Bankers Association (MBA) data is expected to be released at 04.30 PM IST today.
With growth in automotive and consumer durables showing signs of slowing and construction activity lagging, the prospects for strength in imports beyond the seasonal Q2 pick-up look rather modest.
In the EU, Germany produced 3.7 mn tons of crude steel in April 2013, down by -0.9% on April 2012. Italy and rsquo;s crude steel production was 2.1 mn tons, a decrease of -11.6% compared to April 2012. Spain produced 1.4 mn tons of crude steel, an increase of 10.3% compared to April 2012. France and rsquo;s crude steel production was 1.2 mn tons, down by -12.3% on April 2012.
As a direct result, Barclays heard during meetings last week that banks in coastal areas have stopped issuing L/Cs for entrepot trade. They are also asking businesses to provide documentation on their trade flows, such as warehouse delivery slips, which may reveal that the copper has merely changed hands on paper but never moved physically.
Nickel bars, rods, profiles and wire imports also declined by 0.74% M/M. The total value of imports in April- 2013 was $3.79 mn, a decrease of $0.03 mn. and nbsp;Imports of other articles of nickel grew by 245.23% M/M. The total value of imports in April 2013 was $2.52 mn, a rise of $1.79 mn in April 2013.
For intra-day, prices have immediate support at 408 and amp; 405 levels while on the upper side prices have resistance at 411.5 and 414 levels. and nbsp;MCX copper futures for June delivery was seen trading up by 0.32% at Rs.410.30 per kilogram as of 03.40 PM IST on Tuesday.
Copper prices fell to a two-year low earlier this month. The other London-traded base metals followed a similar pattern. In what we view as merely extremely oversold conditions, copper staged a mighty 10% rally.
For investors who want to dig out profit potential beyond the yellow metal, Brent Cook gives us a byproduct primer and suggests base metals are a great way to diversify.
Palladium may be rare, but it is not a precious metal, because its investment sector is negligible. While volatility in gold prices may affect palladium prices in the short term, palladium should not be beholden to the broad precious metals investment climate.
Stocks higher on support from continued better-than-expected earnings. A supportive factor this morning was the stronger-than-expected UK Q1 GDP report.
Three trends will light a fire under natural resource prices and equities in the coming years, according Greg Dorsey, editor of Leeb's Real World Investing. In this interview, Dorsey shares the names of favorite companies that could profit from the expected surge.
Location, processing and capital can make the tungsten market a tough place to be, but dwindling supply and insubstantial production indicate a coming price swing.
For Jeb Handwerger of Gold Stock Trades, it's not a matter of if the uranium sector will rebound, but when. He's already pounced on the three-year low that hit the spot price in 2011 but he says investors can still benefit from an equity uptick in the uranium, potash and...
For resource expert Joachim Berlenbach copper is shining brighter than gold — he even does some back-of-the-envelope calculations to show how global development could create a serious supply bottleneck.
Stock picking can be an exercise in compromise, and investors who wait for a perfect zinc mining project could be sitting on the sidelines — and missing out on profits. Matthew O'Keefe talks about his criteria for choosing investments in the zinc small-cap space.
The U.S. and Europe may have been skirting the edge of financial peril for years, but Christopher Ecclestone, who is the principal and mining strategist of London-based Hallgarten & Co., says that the gold price should drop this year as investors realize that there's no more cause for panic.
The Indian ferro-molybdenum market is under pressure to accept lower bids as it becomes difficult sell material.
Ferro-vanadium is showing some revival with smaller ...
