Copper rebounds on shortfall outlook even as world growth slows
Time 2011-02-13 Author Website Manager Browse
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Bloomberg reported that copper rebounded from its biggest drop in 2 weeks on speculation the world may still be short of the metal even as growth slows in China and the US. Shanghai futures erased losses.
3 month copper on the London Metal Exchange rose as much as 0.6% to USD 9,980 per tonne and traded at USD 9,975 in Singapore. It fell 1.3% the most since January 25 after the People’s Bank of China raised borrowing costs on February 8 before a report next week that may show inflation accelerated to the fastest pace in 30 months.
Mr Ju Guoxian an analyst at First Capital Futures Company said that “It’s the excess of liquidity that’s driving the market and China can hike interest rates as many times as it likes and it won’t have much impact if the US continues to maintain a loose monetary policy. We’ll still get growth albeit lower than some might hope for and that’s going to keep the copper balance negative.”
May delivery metal on the Shanghai Futures Exchange gained as much as 0.5% to CNY 75,940 per tonne before trading at CNY 75,800 per tonne. Futures in New York climbed for the first time in 4 days by as much as 0.6% to USD 4.5530 per pound and last traded at USD 4.5475 per pound.
Mr Ben S Bernanke chairman of Federal Reserve said that the unemployment rate is likely to remain high for some time and the extent to which the recovery is established and inflation is pointing higher or lower will help determine whether the Fed expands or pulls back on the stimulus.
Mr Stefan Graber and Mr Jun Hao Tan analysts of Credit Suisse Group AG said that “We consider any pullbacks as temporary as Chinese consumption growth is set to remain robust while supply fails to keep up. The International Copper Study Group is predicting 435,000 tonne deficit this year.
3 month copper on the London Metal Exchange rose as much as 0.6% to USD 9,980 per tonne and traded at USD 9,975 in Singapore. It fell 1.3% the most since January 25 after the People’s Bank of China raised borrowing costs on February 8 before a report next week that may show inflation accelerated to the fastest pace in 30 months.
Mr Ju Guoxian an analyst at First Capital Futures Company said that “It’s the excess of liquidity that’s driving the market and China can hike interest rates as many times as it likes and it won’t have much impact if the US continues to maintain a loose monetary policy. We’ll still get growth albeit lower than some might hope for and that’s going to keep the copper balance negative.”
May delivery metal on the Shanghai Futures Exchange gained as much as 0.5% to CNY 75,940 per tonne before trading at CNY 75,800 per tonne. Futures in New York climbed for the first time in 4 days by as much as 0.6% to USD 4.5530 per pound and last traded at USD 4.5475 per pound.
Mr Ben S Bernanke chairman of Federal Reserve said that the unemployment rate is likely to remain high for some time and the extent to which the recovery is established and inflation is pointing higher or lower will help determine whether the Fed expands or pulls back on the stimulus.
Mr Stefan Graber and Mr Jun Hao Tan analysts of Credit Suisse Group AG said that “We consider any pullbacks as temporary as Chinese consumption growth is set to remain robust while supply fails to keep up. The International Copper Study Group is predicting 435,000 tonne deficit this year.
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