imf meetings should target double-dip risk, page-10

Found this article this morning.

Here is the link

http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=111290&sn=Detail&pid=36

Here is the article

Copper demand rising in both China and Europe - Aurubis
Europe's biggest copper producer said Wednesday, that demand for copper products will continue to be reinforced by the positive economic trend in Europe and lively export business
Posted: Wednesday , 15 Sep 2010

HAMBURG (REUTERS) -
European demand for copper products is rising and a further increase in demand for new copper is expected from China, Aurubis (NAFG.DE: Quote), Europe's biggest copper producer, said on Wednesday.
"The demand for copper products will continue to be reinforced by the positive economic trend in Europe and lively export business," it said in a market report.
"After the -- in some instances -- surprisingly high order intake in the traditionally somewhat quieter summer season, the demand for rod, shapes and strip products is now increasing."
China's imports of unwrought copper were strong in August, rising 10.7 percent on the month, Aurubis said.
"Even higher import volumes are expected for September after the quieter summer," it said.
Chinese manufacturers were expected to intensify their copper purchases after the summer, it said. These intentions were already evident in the copper tube sector, whose products are used in the manufacture of goods such as air conditioners.
"Chinese wire rod manufacturers are also expected to have an increased demand for copper cathodes (new unprocessed metal) due to their strong order intake," it said.
Overall, copper market participants will face a good level of copper demand in the coming weeks and limited stock availability, with inventories on a general downward trend on the London, Shanghai and U.S. exchanges, it said.
"Given these fundamental conditions, it is difficult to find arguments that could send the copper price downward," it said.
Reports that China's Securities Regulatory Commission (SRC) was inspecting an investor in rubber futures had led to fears of further inspections in the commodity sector, unsettling the markets, it said.
"There were rumours that the SRB intended to sell its copper stock," it said. "Though neither of these unconfirmed reports can be considered realistic, both led to short-term sales pressure - a welcome opportunity for some market participants to strengthen their purchasing positions."
"This shows that short-term price swings can be anticipated in a general climate of insecurity but that there also exists a certain consensus on firm copper prices."
Meanwhile, spot copper treatment and refining charges (TC/RCs) in Europe had strengthened to around $30 a tonne and 3 cents a pound, it said.
TC/RCs are fees paid to smelters by mines and traders to refine copper concentrate into new metal and are a critical part of the global copper industry's income.
The fees have been weak in recent months, touching single digits in the summer, as mine output has been lower than smelter capacity.
"Business in the spot market for copper concentrates has been very calm in the past few weeks," Arubis said. "The large copper smelters did not make any significant purchases, signalling that they are well supplied for the coming months."
This had contributed to strengthening TC/RCs, it said.
Meanwhile, current copper prices of over $7,000 a tonne meant scrap metal supplies were good, it added.
Three-month copper on the London Metal Exchange CMCU3 was at $7,590 a tonne at 0930 GMT on Wednesday.
(Reporting by Michael Hogan; Editing by Lin Noueihed)
Thomson Reuters 2010 All rights reserved

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Also, just a point of clarity for Nova Star.

When I went to school, 47 / 1.47 was a 32% reduction. For a 47% reeduction, it would need to fall to 69c. While that is a possability, it is highly improbable.

LME stocks are now at 390kt.

HT1