aktuell zum thema metalle,aber nur etwas für wirklich interessierte ;-)
* Copper falls 4 percent as economic gloom resurfaces
* Gold and oil also fall
* China cuts nickel production as demand weakens
(Updates prices and comments)
By Humeyra Pamuk
LONDON, Nov 11 (Reuters) - Industrial metals tumbled on Monday, with copper falling around 4 percent, as persistent economic gloom dented the demand outlook.
Resurfacing recession fears sent global markets lower across the board. European shares lost ground, tracking losses on Wall Street and Asia, while oil and gold also fell.
Copper for three-month delivery on the London Metal Exchange fell to a session-low of $3,715 per tonne in the open outcry trade, versus $3,875 on Monday, when it jumped as much as 11 percent on China's $600 billion economic stimulus package.
However on Tuesday the mood had darkened.
"The market is basically trading as if the Chinese package is not sufficient, at least not at the moment, to provide support," said Jesper Dannesboe, senior commodity strategist at Societe Generale. State-controlled China Nonferrous Metals Industry Association echoed analysts' view that the move will benefit metals only over the long term.
"The stimulus plan will show effect slowly. The effect won't show immediately," vice president Wen Xianjun told reporters on the sidelines of an industry conference in China .
For the short-term the bearish sentiment in the market is likely to continue, Dannesboe said, adding the continuous rise in the copper inventories also pressured prices.
Stocks of copper, mainly used in construction, rose another 4,625 tonnes on Tuesday, bringing the total to 265,475 tonnes -- their highest since March 2004. Inventories have jumped more than 27,000 tonnes in November alone.
"There is no real demand for metals," said an LME trader on the floor. "Copper could test new lows." The metal hit $3,590 per tonne in end-October, its lowest in more than three years.
NOT SUSTAINABLE
Trade data on China's imports of copper showed a surprising rise in October, but analysts did not see the trend continuing in the next few months.
The world's top consumer of copper imported 231,212 tonnes of unwrought copper and semi-finished copper products, versus September's 213,782 tonnes, customs said on Tuesday. In the same month, China exported 47,622 tonnes of unwrought aluminium, down from 64,851 tonnes in September.
"We saw some arbitrage flows in September and October, and it's one of the reasons why imports were firm," said Yingxi Yu, an analyst at Barclays Capital.
"But that is unlikely to be sustained through to the end of the year as imports are being negatively affected by the difficulties in getting financing by trading companies and underlying demand in China has weakened significantly in the past month or so."
LME aluminium fell $30 to $1,960, shrugging off announcements by a number of producers of plans to cut production or re-evaluate expansion plans.
Alcoa Inc was the latest to cut aluminium production, announcing a 350,000 tonne-per-year global reduction.
Australia's Alumina, and a joint venture partner with Alcoa, suspended expansion plans for Australia's Wagerup alumina refinery until market conditions improve.
Lead was down $75 at $1,280 and tin dropped $375, to $14,300/14,350, while zinc was at $1,105 per tonne from Monday's $1,100/1,105.
Nickel fell $305 to $11,195.
A slump in stainless steel demand has forced Chinese nickel producers to slash output in a bid to support prices and avoid losses, officials said at an industry conference in China.
China consumes one-fifth of the world's nickel to feed its stainless steel industry, the world's biggest.
Metal Prices at 1311 GMT Metal Last Change Percent Move End 2007 Ytd Percent
move LME Cu 3735.00 -140.00 -3.61 6670.00 -44.00 SHFE Cu* 29320.00 -1680.00 -5.42 56880.00 -48.45 LME Alum 1957.00 -33.00 -1.66 2403.00 -18.56 SHFE Alu* 13710.00 -160.00 -1.15 18180.00 -24.59 COMEX Cu** 169.30 -5.35 -3.06 303.05 -44.13 LME Zinc 1102.00 2.00 +0.18 2370.00 -53.50 SHFE Zinc* 9310.00 -210.00 -2.21 18950.00 -50.87 LME Nick 11025.00 -475.00 -4.13 26350.00 -58.16 LME Lead 1285.00 -70.00 -5.17 2550.00 -49.61 LME Tin 14300.00 -375.00 -2.56 16400.00 -12.80 ** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07
(Additional reporting by Nick Trevethan; Editing by xxxx) Content Provided by Reuters Reuters is the largest international news agency -- providing professionals around the world with stories that move the markets.
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"There is no real demand for metals," said an LME trader on the floor. "Copper could test new lows." The metal hit $3,590 per tonne in end-October, its lowest in more than three years.
NOT SUSTAINABLE
Trade data on China's imports of copper showed a surprising rise in October, but analysts did not see the trend continuing in the next few months.
The world's top consumer of copper imported 231,212 tonnes of unwrought copper and semi-finished copper products, versus September's 213,782 tonnes, customs said on Tuesday. In the same month, China exported 47,622 tonnes of unwrought aluminium, down from 64,851 tonnes in September.
"We saw some arbitrage flows in September and October, and it's one of the reasons why imports were firm," said Yingxi Yu, an analyst at Barclays Capital.
"But that is unlikely to be sustained through to the end of the year as imports are being negatively affected by the difficulties in getting financing by trading companies and underlying demand in China has weakened significantly in the past month or so."
LME aluminium fell $30 to $1,960, shrugging off announcements by a number of producers of plans to cut production or re-evaluate expansion plans.
Alcoa Inc was the latest to cut aluminium production, announcing a 350,000 tonne-per-year global reduction.
Australia's Alumina, and a joint venture partner with Alcoa, suspended expansion plans for Australia's Wagerup alumina refinery until market conditions improve.
Lead was down $75 at $1,280 and tin dropped $375, to $14,300/14,350, while zinc was at $1,105 per tonne from Monday's $1,100/1,105.
Nickel fell $305 to $11,195.
A slump in stainless steel demand has forced Chinese nickel producers to slash output in a bid to support prices and avoid losses, officials said at an industry conference in China.
China consumes one-fifth of the world's nickel to feed its stainless steel industry, the world's biggest.
Metal Prices at 1311 GMT Metal Last Change Percent Move End 2007 Ytd Percent
move LME Cu 3735.00 -140.00 -3.61 6670.00 -44.00 SHFE Cu* 29320.00 -1680.00 -5.42 56880.00 -48.45 LME Alum 1957.00 -33.00 -1.66 2403.00 -18.56 SHFE Alu* 13710.00 -160.00 -1.15 18180.00 -24.59 COMEX Cu** 169.30 -5.35 -3.06 303.05 -44.13 LME Zinc 1102.00 2.00 +0.18 2370.00 -53.50 SHFE Zinc* 9310.00 -210.00 -2.21 18950.00 -50.87 LME Nick 11025.00 -475.00 -4.13 26350.00 -58.16 LME Lead 1285.00 -70.00 -5.17 2550.00 -49.61 LME Tin 14300.00 -375.00 -2.56 16400.00 -12.80 ** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07
(Additional reporting by Nick Trevethan; Editing by xxxx) |