copper up, page-6

Here it is Roddy, from Reuters:

Shanghai, LME copper edge up, eye Fed decision
Wed 25 Jun 2008, 6:57 GMT

By Nick Trevethan

SINGAPORE (Reuters) - Copper prices in London and Shanghai ticked slightly higher in light trade on Wednesday as investors awaited the outcome of a meeting on U.S. interest rates due late in the day.

The most active Shanghai September copper contract rose 0.3 percent, or 190 yuan, to 62,280 yuan a tonne by the close.

"Shanghai copper is steady, which is cementing the technical outlook and firm spot prices mean futures are not expected to fall further," said analyst Yang Jun at China Futures.

"I think London prices could hit $10,000 a tonne. Global stocks have not increased much during the low season, so let's see what happens in September when consumption picks up."

Spot copper in Shanghai was steady, quoted between 62,700 and 62,800 yuan and the market has moved into a premium versus the July contract from a 100 yuan discount earlier this week.

London Metal Exchange stocks, at 123,150 tonnes, are enough for around 2.5 days of world consumption. Stocks have risen by just over 20,000 tonnes from the low earlier this year, but are well down from around 200,000 tonnes at the start of 2008.

London Metal Exchange copper for delivery in three months gained $10 to $8,355 at 0702 GMT.