lme --- news, page-14

Looks like the Xmen stuffed up paying $175m for the CCP project from Exco - just highlights the difficulty incorporating the differing ore feeds in the Mt Isa inlier.



Copper in Shanghai Falls on Signs of Oversupply, Credit Squeeze

(Bloomberg)
Updated: 2013-12-26 14:19

Copper futures in Shanghai fell from the highest level in 12 weeks as some investors sold the metal after a liquidity squeeze and on concern the Chinese market is oversupplied.

Copper for delivery in March on the Shanghai Futures Exchange dropped as much as 0.6 percent to 52,070 yuan ($8,576) a metric ton after climbing 0.8 percent to the highest intra-day level for a most-active contract since Sept. 30. The metal traded at 52,130 yuan at 11:30 a.m. local time.

"Oversupply concerns in the Chinese copper industry and the recent credit tightness increased risk sentiment and triggered profit taking," said Li Ye, an analyst at Shenyin & Wanguo Futures Co. in Shanghai.

Copper production in China, the world's largest user, climbed to a record in November, the National Bureau of Statistics said on Dec. 12. The seven-day repurchase rate slid today after touching the highest level since June on Dec. 23.

The contract for delivery in March was little changed at $3.376 a pound on the Comex in New York. The London Metal Exchange was closed for a second day for Christmas holidays.