Copper market to be in deficit by 2011

  1. 6.1k
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    Future mine capacity growth "will barely suffice" once real copper consumption demand starts growing again, turning the spotlight "rapidly back to the supply side of the market."

    http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=86473&;sn=Detail

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    Copper Rises in New York, London on Improved Economic Outlook

    By Anna Stablum

    July 21 (Bloomberg) -- Copper rose in New York and London on speculation recovering economies will spur demand for metals used in construction and automobiles.

    The index of leading indicators in the U.S., the worlds second-largest copper consumer, increased in June for a third consecutive month, according to the U.S. Conference Board. Caterpillar Inc., the worlds largest maker of bulldozers and excavators, posted second-quarter profit that exceeded analysts estimates.

    The evidence of a turnaround is quite convincing, Dan Smith, an analyst at Standard Chartered Plc in London, said by phone. It is pretty clear that places like the U.S., Japan and Europe are bottoming out in terms of the cycle.

    Copper futures for September delivery rose 0.45 cent, or 0.2 percent, to $2.4735 a pound as of 8:28 a.m. on the Comex division of the New York Mercantile Exchange. Copper for three- month delivery gained $79, or 1.5 percent, to $5,429 a metric ton on the London Metal Exchange.

    Copper has jumped 77 percent this year in London on demand from China, the worlds largest consumer of the metal. The LME copper market moved into so-called backwardation last week for the first time since May 1 as metal for nearby delivery traded at a premium to three-month copper, indicating scarce supplies.

    There is one party holding 50 percent to 79 percent of LME copper inventories, LME data from July 17 showed.

    Copper inventories rose to 266,425 tons today, the third consecutive gain. So-called canceled warrants, or metal earmarked for delivery from the total stockpile monitored by the LME, fell to 8,725 tons or 3.3 percent of total inventories, todays daily LME report showed. This is down from 21 percent at the start of May.

    Power Lines

    Aluminum rose 1.7 percent to $1,740 a ton on the LME. The metal, used in transport, packaging and power lines, rose to $1,787 yesterday, the highest intraday price since Dec. 1.

    We have been quite bullish on aluminum for the last few months, Smith said.

    Aluminum stockpiles booked for delivery out of warehouses monitored by the LME have risen 28 percent this month. During the same period, total inventories have risen 3.6 percent to a record of 4.6 million tons.

    The large volume of metal tied up in financing deals will put growing upward pressure on prices for contracts closest to delivery, Gayle Berry, an analyst at Barclays Capital in London, said in a report yesterday. Aluminum supplies will exceed demand by 1.1 million tons this year and 799,000 tons next year, Barclays forecast.

    Among other LME metals, nickel fell 0.9 percent to $16,083 a ton. Lead added 0.5 percent to $1,714 a ton, zinc declined 0.7 percent to $1,654 a ton and tin was gained 0.5 percent to $14,075 a ton.

    To contact the reporter on this story: Anna Stablum in London at astablum@bloomberg.net

    Last Updated: July 21, 2009 08:41 EDT

    http://www.bloomberg.com/apps/news?pid=20601012&;sid=acV6vX5nzXBE

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    Copper hits new 9-month high on brighter outlook

    July 22, 2009

    Article from: Reuters

    THE price of copper vaulted to a fresh nine-month high on improved sentiment towards the global economy and longer-term demand prospects.

    On the London Metal Exchange, copper for delivery in three months closed up $US90 at $US5400 a tonne. Earlier, the metal, used in power and construction, hit a session high of $US5469, its highest since mid-October.

    http://www.theaustralian.news.com.au/business/story/0,,25818805-5005200,00.html?from=public_rss

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    Hi Happyjack,

    the left top image was attracting my interest. InfoMine has a dynamic charting tool which can display a comparison of user defined commodity prices. Ref. attached link for a 3 year comparison of copper, nickel and chrome.

    Regards

    Observer

    http://www.infomine.com/investment/charts.aspx?mv=1&;f=f&r=3y&c=ccopper.xusd.ulb,cchromium.xusd.ulb,cnickel.xusd.ulb#chart

  5. 6.1k
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    Hi Observer

    the link I use is info mine if you look underneath my signature there are a few useful links and one of them is the info mine charts but thanks for bringing it up as some posters are still unaware of them

    Happyjack

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    Posts

    I added InfoMine and Australian-Shares to the Wikinvest Help:Research page.

    By the way, we experience currently good customer order volumes in the automotive supplier business in Europe and I expect all commodity prices to further improve after the summer shutdown period.

    Copper prices will be further driven by infrastructure projects and more demand in the building sector.

    http://www.wikinvest.com/help/Research

  7. 6.1k
    Posts

    The bell wether is still running

    ++++++++++++++++++++++++++++++++++++++++

    Supply worries drive copper to new 9-month

    July 23, 2009

    Article from: Reuters

    COPPER ran up to a nine-month high, driven by supply concerns and rising expectations of a demand recovery, which triggered automatic buy orders, adding to the advance.

    See link for full story

    http://www.theaustralian.news.com.au/business/story/0,,25823278-5005200,00.html?from=public_rss

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