Metals steady but vulnerable on firm dollar, stocks

(Reuters) - Copper steadied on Thursday but analysts saw more downside risk as the dollar held on to gains and inventories rose, while nickel prices were volatile.

Copper for delivery in three months on the London Metal Exchange was at $7,820 a tonne at 0903 GMT, $42 up from Wednesday when it fell 2.4 percent on dollar strength.


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Shanghai copper rises 2.3 pct, tin soars

(Reuters) - Shanghai copper rose more than 2 percent on Thursday, buoyed by demand for physical material and industrial action at key mines in Latin America amid an already tight market and strong Chinese economic growth data.

Three-month tin on the London Metal Exchange hit an all-time high of $15,530 on the electronic Select trading system, extending gains the previous day as supply shortfalls spurred fund buying.


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Australia Dollar Trades Near 18-Year High as Prices of Commodities Gain

(Bloomberg) -- The Australian dollar traded near an
18-year high against the U.S. currency and the strongest in 16
years versus the yen as the prices of raw materials the nation
exports rose.

The currency gained for a sixth day against the yen as a
measure of six metals on the London Metal Exchange, including
copper and aluminum, climbed 0.7 percent yesterday. Commodity
exports add about 14 percent to Australia's gross domestic
product. It also advanced a second day against the U.S. dollar
after the Federal Reserve lowered its economic growth forecast.


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Copper easier but supply fears haunt market

(Reuters) - Copper eased on Friday as speculators took profits, but analysts expect tight supplies and strike threats to boost prices over coming days.

Copper for three months delivery on the London Metal Exchange was at 0940 GMT slightly lower at $7,840/7,850 a tonne from Thursday's close at $7,860. Earlier it hit an eight-week high of $7,880.


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Lead hits new high as supply tightens

(Reuters) - Industrial metal lead hit a fresh high of more than $2,900 per tonne on Thursday, taking its gains since the start of the year to over 72 percent.

Other metals on the London Metal Exchange were steady, which supported mining shares on the London stock market.


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Copper Rises to Six-Week High in New York as Inventories, Dollar Decline

(Bloomberg) -- Copper rose in New York to the
highest in six weeks on speculation a decline in the value of
the dollar will boost demand for the metal used in wiring and
plumbing as inventories dwindle.

Copper stockpiles monitored by the London Metal Exchange
fell 1.8 percent to an eight-month low of 112,600 metric tons,
the exchange said today. Copper, sold in dollars, has risen
22 percent this year as inventories fell 38 percent and the U.S.
currency fell 2.6 percent against a basket of six major world
currencies. The dollar today touched the lowest level in more
than a month against the euro.


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Shanghai copper up 0.7 pct with LME, strikes eyed

(Reuters) - Shanghai copper rose 0.7 percent on Wednesday in tandem with an early pick-up in London prices as investors watched to see how a series of strike threats played out.

The most-active September copper contract on the Shanghai Futures Exchange rose to 64,950 yuan a tonne at 0227 GMT, from 64,480 yuan on Monday, while copper for delivery in three months on the London Metal Exchange gained $45 to $7,475.


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Nickel slips after LME changes rules, copper steady

(Reuters) - Nickel fell two percent on Thursday after the London Metal Exchange changed lending rules to free up more metal, and copper was steady, analysts said.

The nickel market, with prices hitting $51,800 a tonne in May and rising some 40 percent this year, has been characterised by extreme tightness with low stocks in LME warehouses and strong stainless steel production in China.


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Copper Futures Climb After Global Inventories Tumble Most Since October

(Bloomberg) -- Copper futures in New York rose to
the highest almost two weeks after a gauge of global inventories
tumbled the most in seven months.

Stockpiles monitored by the London Metal Exchange fell
3,3550 metric tons, or 2.8 percent, to 123,900 metric tons, the
biggest daily percentage decline since Oct. 17. Inventories in
China dropped for a second-straight week, the Shanghai Futures
Exchange said on June 1. Copper has rallied 19 percent this year
as LME supplies plunged 32 percent.


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Copper rebounds on tight supplies, lead at new high

(Reuters) - Copper gained ground on Thursday as Chinese shares recovered from a sharp fall in the previous session and the market focused on dwindling copper inventories, while lead hit a fresh record high on supply worries.

Copper for delivery in three months on the London Metal Exchange rose to $7,355/7,375 a tonne, up $149 from Wednesday.


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Shanghai Copper Rises as Global Stockpiles Fall; Talk of Strike in Peru

(Bloomberg) -- Shanghai copper prices gained for the
first day in three following a drop in global stockpiles of the
metal to their lowest in more than six months and amid
speculation about disruptions to supplies from South America.

Inventories of copper monitored by the London Metal Exchange
dropped by 0.6 percent to 137,575 metric tons, the lowest since
Nov. 1, the exchange said yesterday. Still, Shanghai stockpiles
have risen to their highest in three years as imports surged this
year and domestic output reached a record in April.


Read more at Bloomberg Commodities News