Wow, this tin market is only getting better!!!
* China's tin imports climb by nearly a fifth in 2015
* Coming Up: FOMC statement at 1900 GMT
(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, Jan 27 (Reuters) - London copper edged up on
Wednesday ahead of an outcome of a Federal Reserve policy
meeting later in the day, with prices supported from
better-than-expected Chinese imports.
The Federal Reserve is expected to leave interest rates
unchanged on Wednesday and acknowledge that turmoil in financial
markets threatens its upbeat view of the U.S. economy, leaving
the chances of a March hike, diminished but alive.
China imported a record volume of copper in 2015, trade data
showed on Tuesday, which pushed prices to the highest in more
than two weeks.
Manufacturers of copper products had been stocking up as
prices slumped to their lowest in more than six years, said Matt
Fusarelli of AME Group in Sydney.
Fusarelli added that he did not expect higher imports to
stretch into 2016.
"Our Chinese demand forecast for this year is flat. That's
going to be through reduced imports, particularly into the
second half of the year as prices stabilize, and we have the new
normal for copper prices going forward," he said.
AME Group sees copper prices averaging just below $5000 a
tonne this year.
Three-month copper on the London Metal Exchange had
climbed by 0.1 percent to $4,544.50 a tonne by 0704 GMT, after a
2.7-percent gain from the previous session, when prices hit an
intra-day high of $4,554.50 a tonne, the strongest since Jan. 8.
Funds trading copper on the LME moved to a net-long position
of 1,600 lots last Friday from a net short position of 3,079
lots the previous week, the LME's Commitments of Traders Report
showed on Tuesday.
Shanghai Futures Exchange (ShFE) copper rallied 2.2
percent to 35,780 yuan ($5,439) a tonne.
Other metals were also well supported, with Shanghai zinc
up 2.5 percent tracking the LME contract's near
five-percent gains on Tuesday, following a jump in China's
imports in December. ShFE tin rose 3.1 percent after
Chinese imports surged by nearly a fifth across last year
Wow, this tin market is only getting better!!! * China's tin...
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