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MARKET COMMENTARY
LME copper fell almost 13 percent in May 2010 when compared to LME average of April 2010 that Chinese demand growth will disappoint and that the eurozone debt crisis will spread.
Copper outlook is now weak after sharp technical sell-off. London metals dropped sharply late on 03 June 2010, with copper going from $4 up to $140 lower in the final 30 minute of the open outcry kerb session. "Copper hit stops at $6,600 and got hammered in the kerb. Technical pressure is building for these markets. We reckon we could see more weakness, targeting $6,415 and possibly $4,700," a trader in Sydney said. "The signals out of China are fairly negative. There is too much trouble in the world for copper to trade at $7,000."
Three-month copper on the London Metal Exchange rose $45 to $6,570 by 0334 GMT today, while benchmark third-month Shanghai copper ended the morning session 1.7 percent weaker at 52,960 yuan. LME copper is on track for a weekly loss of more than 5 percent, the market's seventh decline in eight weeks. Weaker-than-expected U.S. retail sales data added to existing worries that efforts by China to curb growth would undermine demand for raw materials. However, other data came in more strongly. U.S. private sector employers added jobs in May and the economy's dominant services sector increased payrolls for the first time in more than two years, building evidence that the labour market was picking up steam.
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MARKET COMMENTARY
Industrial metals slid on 12th May 2010 on doubts about a $1 trillion emergency rescue plan to stabilise the euro, and the longer-term demand outlook in Europe and in China, the world's largest consumer. Copper for three-month's delivery on the London Metal Exchange traded at $6,910 a tonne in official rings from a close of $7,120 per ton on 10th May 2010 when the metal used in power and construction rose $180 per ton.
Nickel and lead earlier fell more than 5 percent, while zinc and aluminium fell more about 4 percent and copper fell nearly 3 percent. "The markets are being a bit cynical and rightly so," Alex Heath, head of base metals at London's RBC Capital Markets, said of the rescue package. There is an awful lot of hard work and belt-tightening to be done," he added. "The markets have factored in a recovery that hasn't been achieved yet." Copper fell to as low as $6,632.75 last week, its weakest since mid February, on concerns that debt problems in Greece could spread to other countries and as equities skidded. Also pressuring metals, the euro and other major currencies fell against the dollar, making dollar-priced metals costlier for non-U.S. investors.
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