London Metal Exchange Warehouse Stocks Metal Tonnes in Storage Change from previous day Aluminum 550,600 +5025 Copper 51,825 -525 Nickel 7,872 -360 Lead 31,800 -125 Zinc 553,750 -2400 Charts
New York Futures Market Warehouse Stocks Metal Tons in Storage Change from previous day Aluminum 97,191 -2902 Copper 34,142 -1456
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Copper Rises in London on Concern Stockpiles Won't Meet Demand April 19 (Bloomberg) -- Copper futures rose for a second day in three in London on concern an increase in stockpiles of the metal won't be enough to meet rising demand from producers of electrical wires and pipes.
Copper for immediate delivery on the London Metal Exchange traded at $170 a metric ton more than metal for delivery in three months. The gap between the contracts was around $160 a ton last week. In a market with adequate supply, forward contracts are more expensive than nearby ones to reflect warehousing and interest costs.
``We expect strong seasonal demand in the second quarter to help push base metals prices higher again,'' Ingrid Sternby, an analyst at Barclays Capital in London, said in an e-mailed report yesterday. ``Output growth is failing to keep up with the demand.''
Copper for delivery in three months rose $15, or 0.5 percent, to $3,197 a ton. The contract fell 3.2 percent last week on speculation production from mines and smelters will catch up with demand in China, the world's largest consumer of the metal.
Copper stockpiles monitored by the LME rose 16 percent this month to 52,350 tons. Miners and smelters have increased production to take advantage of prices that surged 37 percent last year. Stockpiles are still 67 percent lower than a year ago.
Copper futures in Shanghai rose for a third day on speculation supplies in China may not be enough to meet demand before a weeklong holiday in May.
Copper for delivery in June on the Shanghai Futures Exchange rose 1.1 percent to 32,730 yuan ($3,955) when trading closed at 3:00 p.m. local time.
Chinese Supplies
Supplies in China may not ease with the anticipated arrival of 60,000 tons of copper, said Hu Jiangxue, an analyst at Shanghai Oriental Futures in Shanghai.
``I heard that the first parcel of 30,000 tons that arrived last week has already been booked,'' he said.
About 30,000 tons of copper may have arrived in Shanghai last week, with another 30,000 tons of imports expected this week, Barclays Capital said in an e-mailed report on April 13. The Shanghai Customs department doesn't disclose weekly data.
Global copper demand will rise 3.2 percent this year to 17 million tons, exceeding production by 275,000 tons, Robin Bhar, a Standard Bank analyst, forecast in a February report.
Among other LME-traded metals for delivery in three months, nickel rose $150, or 1 percent, at $15,500 a ton and zinc gained $7.50, or 0.6 percent, at $1,278 a ton. Aluminum was up $1, or 0.1 percent, at $1,865 a ton and lead added $1.50, or 0.2 percent, to $922 a ton. Tin fell $35, or 0.4 percent, to $8,040 a ton.
To contact the reporter on this story: Chanyaporn Chanjaroen in London at [email protected].
