LEITURA RECOMENDADA: Copper Prices Cap Weekly Gain in N.Y. as Economic Concerns Ease
July 9 (Bloomberg) -- Copper prices rose, capping a weekly
gain, on increasing speculation that global growth will be
resilient and metals demand will gain.
The MSCI World Index of shares has advanced for four
straight days on an improved outlook for the global economy.
Stockpiles tallied by the London Metal Exchange have declined
for 20 consecutive weeks, the longest slump since 2004,
signaling steady consumption. Copper prices fell 17 percent in
the second quarter on concern that demand would slow.
“Things are starting to look more positive for copper,â€
said Lannie Cohen, the president of Capitol Commodity Services
in Indianapolis. “The economic situation is looking better and
people are starting to buy again.â€
Copper futures for September delivery gained 3.8 cents, or
1.3 percent, to $3.0535 a pound on the Comex in New York. That
leaves the metal up 4.7 percent this week.
Copper inventories tracked by the LME declined 2.3 percent
this week to 436,900 tons, the lowest level since Nov. 27.
They’re down 13 percent this year.
“Base metals have benefited from improved risk sentiment
over the past week,†Andrey Kryuchenkov, an analyst at VTB
Capital in London, said in an e-mail today. “Shanghai stocks
are still falling, which is a very positive sign.â€
Supplies monitored by the Shanghai Futures Exchange dropped
5.7 percent this week, the ninth decline in the past 10 weeks.
China is the world’s biggest copper user, followed by the U.S.
On the LME, copper for delivery in three months added $145,
or 2.2 percent, to $6,760 a metric ton ($3.07 a pound).
Also in London, aluminum, lead, nickel, tin and zinc prices
climbed.
To contact the reporters on the story:
Anna Stablum in London at
astablum@bloomberg.net ;
Millie Munshi in New York at
mmunshi@bloomberg.net
Marcelo Torres Teixeira
gain, on increasing speculation that global growth will be
resilient and metals demand will gain.
The MSCI World Index of shares has advanced for four
straight days on an improved outlook for the global economy.
Stockpiles tallied by the London Metal Exchange have declined
for 20 consecutive weeks, the longest slump since 2004,
signaling steady consumption. Copper prices fell 17 percent in
the second quarter on concern that demand would slow.
“Things are starting to look more positive for copper,â€
said Lannie Cohen, the president of Capitol Commodity Services
in Indianapolis. “The economic situation is looking better and
people are starting to buy again.â€
Copper futures for September delivery gained 3.8 cents, or
1.3 percent, to $3.0535 a pound on the Comex in New York. That
leaves the metal up 4.7 percent this week.
Copper inventories tracked by the LME declined 2.3 percent
this week to 436,900 tons, the lowest level since Nov. 27.
They’re down 13 percent this year.
“Base metals have benefited from improved risk sentiment
over the past week,†Andrey Kryuchenkov, an analyst at VTB
Capital in London, said in an e-mail today. “Shanghai stocks
are still falling, which is a very positive sign.â€
Supplies monitored by the Shanghai Futures Exchange dropped
5.7 percent this week, the ninth decline in the past 10 weeks.
China is the world’s biggest copper user, followed by the U.S.
On the LME, copper for delivery in three months added $145,
or 2.2 percent, to $6,760 a metric ton ($3.07 a pound).
Also in London, aluminum, lead, nickel, tin and zinc prices
climbed.
To contact the reporters on the story:
Anna Stablum in London at
astablum@bloomberg.net ;
Millie Munshi in New York at
mmunshi@bloomberg.net
Marcelo Torres Teixeira
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