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Copper rebounds from 4-month lows, greece woes cap gains by ferujkll sdff
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Copper rebounds from 4-month lows, greece woes cap gains |
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Business,Business News,Business Opportunities
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LONDON (Reuters) - Copper steadied on Thursday after hitting four monthlows the previous session, but sentiment was cautious given worriesSpain, Portugal and Italy might be hard hit if Greece leaves theeuro and defaults on its debt. The metal used in power and construction snapped four straightsessions of falls but worries surrounding the euro zone debtcrisis, a demand slowdown in top consumer China and the delicatestate of the U.S. economy prevented further gains. Three-month copper on the London Metal Exchange (LME) traded at$7,642 a metric ton (1.1023 tons) at 09.45 a.m.
EDT, down 0.17percent from a close of $7,655 on Wednesday. Worries about financial turmoil in Greece were heightened earlierafter the European Central Bank said it had stopped providingliquidity to some Greek banks that had not been successfullyrecapitalized. In addition, there were reports customers of Greek banks weremoving funds in anticipation of its exit from the euro. "Europe is the trigger but (even) markets such as India, China,there's signs of weakness," said ThomsonReuters-GFMS managingdirector Neil Buxton.
He added: "There's still downside potential. There's absolutely nosign that there's going to be some kind of coordinated supplyresponse." Investors are largely betting on a Greek euro exit, given Greekpoliticians who reject conditions for a bailout that is keeping thecountry's finances afloat are seen likely to win next month'selection. The greater worry now is contagion. Spain was also in focus, as it sold 2.49 billion euros ofshorter-dated government bonds in an auction on Thursday, withaverage yields rising significantly compared with previous sales ofthe paper. Copper, which rallied by more than 12 percent between the beginningof the year and early February, has since shed almost all of its2012 gains, falling steeply on Wednesday to a four-month low of$7,625.
"At this stage, many commodity complexes are severely oversold.However, markets need a headline to tee off on, and so far, therehas not been much in the way of encouraging news out of Europe. Ifanything, things seem to be getting worse, as the focus now seemsto be reverting away from the political deadlock in Greece andtowards the deteriorating rate situation in Spain," said INTL FCStone analyst Ed Meir. COPPER INFLOWS Data from the LME showed overall inflows of 2,100 metric tons ofcopper into warehouses monitored by the exchange, with those inBusan, South Korea drawing in 2,875 metric tons of the metal. Traders said China's smelters and merchants were delivering around110,000 metric tons of refined copper cathode to London MetalExchange (LME) warehouses in South Korea, in a rare hefty outflowof inventories that could pressure copper prices.
The exports come just two weeks after the trading unit of JiangxiCopper Co Ltd ( 0358.HK ) ( 600362.SS ), the country's top producer, said a group of copper smelters aswell as trading firms would export refined copper cathodes to LMEto help ease tight global supplies and trim near-record stockpilesat home. In other metals, aluminum was at $2,036.25 a metric ton fromWednesday's close of $2,035 a metric ton while zinc traded at$1,888 from $1,898. Nickel was at $16,999 a metric ton from $17,005, tin was at $19,310from $19,675 and lead traded at $1,944.25 from $1,971. (Editing by James Jukwey ). I am Fashion Accessories Agents writer, reports some information about hockey pants tackla , scooter gas powered.
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