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METALS-Copper falls as worries over China demand persist-有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou int’l non-ferrous metals exhibition
12/24/2014 有色金属展-铜材展-铝材展-钛材展-non-ferrous metals expo |
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* Dollar soars to near nine-year high vs
currency basket
* China stocks post biggest daily
drop in two weeks
* U.S. third-quarter growth revised up to 5
pct
(Reuters) - Copper prices dropped on
Tuesday, extending the previous session''s fall as the dollar rallied and
concerns over weak demand in top consumer China
persisted.
The dollar hit a near nine-year high versus
a currency basket, supported by Commerce Department data revising third-quarter
U.S. growth up to 5 percent, its quickest pace in 11
years.
The dollar move outweighed the positive
impact on copper of more stable oil prices and firmer equities. A stronger
dollar makes dollar-priced metals costlier for non-U.S.
investors.
Also weighing
on prices was the demand picture in China, which consumes some 45 percent of the
world''s copper.
Chinese stocks
posted the biggest daily drop in two weeks, while a central bank survey on
Monday showed the number of Chinese bankers who believe the country''s economy is
cooling increased in the fourth quarter.
"Scrap imports
into China have continued to fall so it doesn''t appear Chinese demand has
rebounded. Therefore, copper prices could remain depressed into the first
quarter, a seasonally weak quarter for demand," said Nomura analyst Patrick
Jones.
Three-month
copper on the London Metal Exchange fell 0.4 percent to close at $6,330 a tonne,
following losses of 0.7 percent on Monday.
A sell-off
sent copper to its lowest in 4-1/2 years earlier this month on expectations of a
looming supply surplus, a situation aggravated by slowing industrial growth in
China.
But steadier
oil prices coupled with a quietening in Russia''s currency crisis have at least
helped settle the tone in the wider markets in the past few
days.
Three-month
nickel fell 1.3 percent to close at $15,450 a tonne, following losses of 6.4
percent last week.
LME data
showed nickel stocks rose to a record level of 408,990 tonnes, cementing the
view that Indonesia''s ore ban had not tightened the market enough to justify a
price uptrend.
Tin fell 3.4
percent to close at $18,395 a tonne, after earlier hitting its lowest level
since August 2012 at $18,375, while aluminum closed down 0.6 percent at $1,869 a
tonne.
Zinc closed
down 0.3 percent at $2,161 a tonne while sister metal lead fell 0.8 percent at
$1,860 a tonne.
Three month LME copper
Most active
ShFE copper
Three month
LME aluminum
Most active
ShFE aluminum
Three month
LME zinc
Most active
ShFE zinc
Three month
LME lead
Most active
ShFE lead
Three month
LME nickel
Three month LME tin ($1 = 6.2217 Chinese yuan
renminbi)
有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou
int’l non-ferrous metals exhibition
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