LONDON (MarketWatch) – London Metal Exchange (LME) copper futures were steady Friday, helped by the dollar’s decline, but this week’s weekly decline was the biggest in March, as speculative buying pushed prices up to three After the high year, investors profit-taking.
Dutch bank analyst Casper Burgering said that despite the profitability of some investors, but the supply shortage and the largest metal consumer – China’s demand is stable, is expected to keep the price near the current level.
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London time on September 15 17:00 (Beijing time on September 16 00:00), three-month copper closed up 0.1 percent at $ 6,508 per ton, down 2.8 percent this week. Copper fell from a three-year high of $ 6,970 hit on Sept. 5, but still up 18% so far this year.
Copper support at $ 6,300-6,400 between the 50-day moving average cut into place and 2015 high.
LME copper stocks this week increased by 67,600 tons, to 27.6025 million tons, an increase of May to the largest, to bring pressure on copper prices.
Increasing inventory support Copper is the highest in December 2009 compared to LME’s three-month copper premium, which rose to more than $ 40 per tonne in December 2009, indicating that there will be more copper deliveries in the coming days.
Spot aluminum, nickel and lead more than three months of futures premium also rose to high years.
But the spot zinc than three months of zinc lift, for the first time since February, by the closure of the Chinese mine after the immediate supply worries to promote.
Burgering, of ABN AMRO, said China’s rare announcement of a series of disappointing data shows that the economy has finally begun to lose some momentum, but China’s demand for metals will remain strong.
China’s August non-ferrous metal production fell to a year low.
The stock market and the dollar fell slightly, after South Korea launched a second missile over Japan. Weak dollar makes dollar-denominated metal prices lower for non-US investments.
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Three-month nickel fell 0.9 percent to $ 11,090 a barrel, the lowest for August 21, and nickel prices have fallen more than 10 percent since the September 14 highs hit $ 12,380.
Three-month aluminum closed down 0.6 percent at $ 2,085 a tonne.
Three-month zinc closed up 0.87% at $ 3,031 per tonne.
Three-month lead ended up 2.3% at $ 2,359 a tonne. Lead price by the Shanghai Futures Exchange inventory decline support. Lead stocks in the previous period were down 44.5% from last Friday to 16,568 tonnes.
Three months of tin steady, reported $ 20,540 per ton.
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