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Tuesday, May 15, 2012

London copper prediction may 16 2012

London copper prediction may 16 2012 : London copper fell to a four-month low on Wednesday, extending losses to a fourth consecutive session after the political crisis in Greece deepened when Athens announced that it would hold a second round of elections.

FUNDAMENTALS
* Three-month copper on the London Metal Exchange dropped 0.6 percent to a four-month low of $7,712 per tonne, before paring some losses to $7,739.75 by 0100 GMT.

* The most-traded August copper contract on the Shanghai Futures Exchange fell 0.8 percent to 55,490 yuan ($8,800) per tonne, near a four-month low of 55,280 yuan hit in the previous session.

* News that Greece will hold a second election after political leaders failed to form a coalition government added to uncertainty about its future, compounding investor worries about the possibility of Greece's exit from the euro zone.

* Germany pulled the euro zone economy back from the brinkof recession at the start of 2012, but stagnation in France and contraction in southern Europe has underlined the sharply differing fortunes in a bloc labouring under the effects of
austerity.

* NYSE Euronext is out of the race to buy the London Metal Exchange, a spokesman said on Tuesday, after its reported 800 million pound (US$1.28 billion) bid was deemed too low.

* The head of Freeport-McMoRan Copper & Gold said on Tuesday that although copper markets were weaker than last year, an expected jump in Chinese consumption should boost investment to find new reserves.

* Copper prices will be strong this year and the red metal's market fundamentals remain solid, but volatile price fluctuations are likely, Chile state copper giant Codelco's Chief Financial Officer Thomas Keller said on Tuesday.

* Sales at U.S. retailers barely rose in April as the boost from an unseasonably warm winter faded, pointing to some loss of momentum in consumer spending early in the second quarter.

MARKETS NEWS
* U.S. stocks fell for an eighth session in the past 10 on Tuesday as uncertainty stemming from the political stalemate in Greece gave investors another reason for caution and sellers came out in force late in the session.

* The euro wallowed near a four-month trough against the dollar hit in the previous session and the dollar index rose to the highest level since mid-January.

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