September 26, 2012 / 1:41 AM / 5 years ago

METALS-Copper drops on renewed euro zone concerns

SHANGHAI, Sept 26 (Reuters) - London copper slipped on
Wednesday, wiping out part of the more than 1 percent gain in
the prior session, as concerns over the euro zone debt crisis
hampering demand for industrial metals returned following
anti-austerity protests in Spain.
            
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange 
fell 0.9 percent to $8,205 per tonne by 0102 GMT, after rising
1.1 percent in the previous session. 
    * The most active January copper contract on the Shanghai
Futures Exchange lost 0.3 percent to 58,990 yuan
($9,400) per tonne, after gaining 0.2 percent on Tuesday.
    * Protesters clashed with police in Spain's capital on
Tuesday as the government prepared a new round of unpopular
austerity measures for the 2013 budget to be announced on
Thursday. 
    * European Central Bank President Mario Draghi offered a
vigorous defence of the bank's bond-buying plans to a sceptical
German audience on Tuesday and said it was now up to governments
to follow with decisive policy steps of their
own. 
    * Chancellor Angela Merkel said on Tuesday that Europe could
only hope to come out of its crisis stronger and compete in a
globalised world if its members pressed ahead with painful
reforms and moved to more responsible budget policies.
 
    * U.S. home prices rose for a sixth straight month in July
in the latest sign of a sustainable housing market recovery,
while a jump in consumer confidence this month offered a
harbinger that Americans are ready to loosen their spending.
 
    * China's central bank said on Tuesday that it will "fine
tune" policy to cushion the economy against global risks and
that the country's economy has showed signs of stabilsing while
the trend of inflation remains stable. 
    * The ShFE will be shut from Sept. 29 to Oct. 7 for the
Mid-Autumn and Chinese National Day holidays. 
    
    * For the top stories in metals and other news, click
, or 
                     
    MARKET NEWS
    * U.S. stocks declined on Tuesday as investors sought a
catalyst to justify further gains while the euro was under
pressure on concerns about a bailout for debt-laden
Spain. 
    * The yen pushed higher while the euro remained around
one-week lows against the dollar in early Asian trade on
Wednesday, pressured by concern about Spain's hesitancy to
request a bailout even as protests there turned violent. 


    DATA/EVENTS (GMT)
    Germany preliminary inflation data for September   
    1100  U.S.    Weekly mortgage market index  
    1400  U.S.    New home sales                     
    
                                                               
  Base metals prices at 0102 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8205.00    -70.00     -0.85      7.96
  SHFE CU FUT JAN3    58990      -190     -0.32      6.04
  LME Alum          2094.50    -10.50     -0.50      3.69
  SHFE AL FUT DEC2    15620       -20     -0.13     -1.39
  HG COPPER DEC2     373.75     -2.10     -0.56      8.77
  LME Zinc          2116.25    -19.75     -0.92     14.70
  SHFE ZN FUT JAN3    15550       -20     -0.13      5.10
  LME Nickel       18285.00   -115.00     -0.63     -2.27
  LME Lead          2298.00    -22.00     -0.95     12.92
  SHFE PB FUT            0    -16060   -100.00   -100.00
  LME Tin          21244.00   -206.00     -0.96     10.65
  LME/Shanghai arb    1544
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE 
 third month
                                                               
 ($1 = 6.3066 Chinese yuan)

 (Reporting by Carrie Ho; Editing by Ed Davies)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below