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METALS-Copper hits one-month low on euro zone debt worries
July 25, 2012 / 2:08 AM / 5 years ago

METALS-Copper hits one-month low on euro zone debt worries

 By Melanie Burton
 SINGAPORE, July 25 (Reuters) - London copper fell to a one-month low on
Wednesday before erasing losses to trade little changed as renewed worries over
Greek and Spanish sovereign debt hit risk appetite and curbed expectations of
metals demand.
 
 FUNDAMENTALS
 * Three-month copper on the London Metal Exchange traded at $7,416
by 0148 GMT, down $1 from the previous session when it logged small gains.
Prices earlier fell to $7,355 a tonne, the lowest since June 28 and have shed
more than two percent for the year. 
 * The most-traded November copper contract on the Shanghai Futures Exchange
 fell 0.14 percent to 54,420 yuan ($8,500) yuan a tonne.
 * Spain paid the second highest yield on short-term debt since the birth of
the euro at an auction on Tuesday, and EU officials said Greece had little hope
of meeting the terms of its bailout, casting fresh doubt on its future in the
euro zone. 
 * Moody's Investors Service has changed the outlook on the provisional
(P)Aaa long-term rating of the European Financial Stability Facility (EFSF) to
negative from stable, a blow to a fund that was supposed to backstop struggling
EU members. 
 * Japan's exports fell in June from a year earlier, the first decline in
four months, as a slowdown in Europe, China and other emerging markets weighed
on demand for Japanese goods. 
 * London Metal Exchange (LME) shareholders decide on Wednesday whether to
accept a $2.2 billion offer by the Hong Kong stock exchange for the 135-year-old
institution, the world's largest marketplace for materials such as copper,
aluminium and zinc. 
 * For the top stories in metals and other news, click, 
or     
     
 MARKETS NEWS    
 * Investors continued to give the euro and risk currencies a wide berth on
Wednesday following a selloff in global stocks as worries about the euro zone
debt crisis festered. 
 * Asian shares fell and the euro was stuck near multi-year lows against
major currencies on Wednesday as soaring borrowing costs deepened worries Spain
might need a bailout, while Greece's finances appeared to fall short of terms
conditional to its aid. 
 * Oil edged up on Tuesday in choppy trading as signs that China's
manufacturing sector was improving lent support while weak euro-zone data and
the region's spreading debt crisis limited gains.    
 
 DATA/EVENTS    
 * 0800 GMT - Germany Ifo Business Climate for July Forecast 
 * 1330 GMT - Treasury Secretary Timothy Geithner testifies in Washington
 * 1400 GMT U.S. New Home Sales for June
PRICES    
  Base metals prices at 0148 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7416.00     -1.00     -0.01     -2.42
  SHFE CU FUT NOV2    54420       -80     -0.15     -1.70
  HG COPPER SEP2     336.35      1.05     +0.31     -2.11
  LME Alum          1866.50     -2.50     -0.13     -7.60
  SHFE AL FUT NOV2    15220      -155     -1.01     -3.94
  LME Zinc          1809.00     12.00     +0.67     -1.95
  SHFE ZN FUT NOV2    14465       -95     -0.65     -2.23
  LME Nickel       15600.00   -150.00     -0.95    -16.62
  LME Lead          1845.00    -15.00     -0.81     -9.34
  SHFE PB FUT      14765.00   -115.00     -0.77     -3.40
  LME Tin          17375.00   -150.00     -0.86     -9.51
  LME/Shanghai arb^     934
 
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE
 third month
 
($1 = 6.3858 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Ed Davies)
 
 

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