Date: 28.02.2012
London
copper edged lower on Tuesday as slow demand
from top consumer China
spurred caution among investors, although
more signs of a mending U.S.
economy are helping to limit losses.
MCX Copper has gained nearly 12 percent this year, but has been struggling to trade higher, given slack Chinese demand since after the Lunar New Year break in January.
Three-month copper on the London Metal Exchange slipped 0.4 percent to $8,505.25 a tonne by 0317 GMT, and is now 3 percent off a five-month high of $8,765 reached on Feb. 9.
The most-traded May MCX copper contract on the Shanghai Futures Exchange gained 0.4 percent to 60,620 yuan ($9,600) a tonne.
"I believe Chinese demand is recovering but at a very, very slow pace," said Judy Zhu, commodity analyst at Standard Chartered in Shanghai, citing a drop, though modest, in Shanghai copper stockpiles last week.
"Chinese demand is going to improve in the weeks ahead on seasonal factors but the recovery should be slow because some copper consumers like home appliance makers, are dealing with huge stockpiles due to weak order books from both domestic and overseas markets."
Copper inventories in Shanghai warehouses dropped by around 1,000 tonnes to 216,086 tonnes last week from a near 10-year high above 217,000 tonnes the previous week.
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MCX Copper has gained nearly 12 percent this year, but has been struggling to trade higher, given slack Chinese demand since after the Lunar New Year break in January.
Three-month copper on the London Metal Exchange slipped 0.4 percent to $8,505.25 a tonne by 0317 GMT, and is now 3 percent off a five-month high of $8,765 reached on Feb. 9.
The most-traded May MCX copper contract on the Shanghai Futures Exchange gained 0.4 percent to 60,620 yuan ($9,600) a tonne.
"I believe Chinese demand is recovering but at a very, very slow pace," said Judy Zhu, commodity analyst at Standard Chartered in Shanghai, citing a drop, though modest, in Shanghai copper stockpiles last week.
"Chinese demand is going to improve in the weeks ahead on seasonal factors but the recovery should be slow because some copper consumers like home appliance makers, are dealing with huge stockpiles due to weak order books from both domestic and overseas markets."
Copper inventories in Shanghai warehouses dropped by around 1,000 tonnes to 216,086 tonnes last week from a near 10-year high above 217,000 tonnes the previous week.
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