Live Spot Prices SPOT PRICE IS OPEN Price: US$/lb Copper...

Live Spot Prices

SPOT PRICE IS OPEN
Price: US$/lb


Copper September 22,12:12
Bid/Ask 3.2963 - 3.3008
Change +0.0832 +2.59%
Low/High 3.1950 - 3.3117
Charts

China Rebooting
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LONDON, Sept 22 (Reuters) - Copper rallied to a one-week
high on Monday as the dollar fell against the yen and the euro
and as stocks fell in Asian warehouses, suggesting a pick-up of
demand in China.
Copper for delivery in three months MCU3 on the London
Metal Exchange traded up $80 at $7,140 in official rings from
$7,060 on Friday. On Thursday it hit a nine-month low of $6,625. Earlier the metal used widely in the power and construction
industries hit $7,215 a tonne, the highest since Sept. 15,
helped by short position - bets on lower prices -- covering. "The dollar has weakened and that has helped to support base
metals," said Calyon analyst Robin Bhar. The dollar slipped as investors awaited details of a planned
$700 billion U.S. bailout of bad mortgage debt, likely the
biggest bailout in American history, capping a dramatic week in
the U.S. financial markets. [USD/] But analysts said it was too early to celebrate yet. "It's going to take a long time to restore confidence and
liquidity, and to essentailly know what impact last week has had
on the real economy -- the uncertainty out there will cap the
rally," Bhar said.
CHINESE DEMAND Analysts said a 3,100-tonne fall in LME copper inventories,
primarily from the Gwangyang and Busan warehouses in Korea,
suggested demand from China, the world's largest importer and
consumer of the red metal, was starting to pick up. China's copper imports have fallen since the start of the
year due to soft demand, rising domestic output and high prices. China's imports of refined copper fell slightly on the year
to 87,168 tonnes in August, and also were down from 88,075 tonnes
in July, the customs office said. [ID:nBJB000489] But China's implied copper demand -- based on Reuters
calculations of trade data -- rose 1.2 percent in August from
July, despite fears of a drop due to factory closures for the
Olympic games. [ID:nSP24116] While the weak dollar has boosted base metals across the
board, gains in aluminium were capped by a rise in stocks, now
at 1.35 million tonnes, their highest level since March 2004.................................



http://www.reuters.com/article/marketsNews/idINLM59006720080922?rpc=44