Copper declines in London as stronger dollar curbs metal demand
Friday, 16 April 2010
LONDON, April 15 (Bloomberg): Copper declined in London as the dollar rose for the first time in five days, curbing demand for metals as an alternative asset.
Copper for delivery in three months fell $60, or 0.8 per cent, to $7,890 a metric ton at 10:30 a.m. on the London Metal Exchange, after increasing as much as 0.6 per cent. The contract touched $8,043.75 on April 12, the highest intraday price since Aug. 1, 2008. May-delivery copper was down 1 per cent at $3.573 a pound on the Comex in New York, capping this year's annual gain at 6.3 per cent. Tin advanced to the highest since September 2008 and nickel rose to the highest in 23 months.
In China, the biggest consumer of industrial metals, industrial production climbed 18.1 per cent in March, less than a 20.7 per cent gain in the first two months, and retail sales increased 18 per cent, today's data showed.
Industrial output in the US, copper's second largest user, probably climbed 0.7 per cent last month, above February's 0.1 per cent gain, according to a Bloomberg survey. The data is due at 2:15 p.m. in London. A report tomorrow might show that housing starts sped up to an annual rate of 610,000 in March from 575,000 a month earlier, a separate survey indicates.
Copper stockpiles tracked by the LME rose for the first day in four, increasing 0.2 per cent to 510,425 tons. Bookings to remove metal from stockpiles dropped for a third day, down 8.1 per cent to 13,675 tons.
Aluminum for three-month delivery on the LME fell 0.7 per cent to $2,444 a ton. The contract reached $2,471 yesterday, the highest intraday price since Sept. 29, 2008.
Copper for delivery in three months fell $60, or 0.8 per cent, to $7,890 a metric ton at 10:30 a.m. on the London Metal Exchange, after increasing as much as 0.6 per cent. The contract touched $8,043.75 on April 12, the highest intraday price since Aug. 1, 2008. May-delivery copper was down 1 per cent at $3.573 a pound on the Comex in New York, capping this year's annual gain at 6.3 per cent. Tin advanced to the highest since September 2008 and nickel rose to the highest in 23 months.
In China, the biggest consumer of industrial metals, industrial production climbed 18.1 per cent in March, less than a 20.7 per cent gain in the first two months, and retail sales increased 18 per cent, today's data showed.
Industrial output in the US, copper's second largest user, probably climbed 0.7 per cent last month, above February's 0.1 per cent gain, according to a Bloomberg survey. The data is due at 2:15 p.m. in London. A report tomorrow might show that housing starts sped up to an annual rate of 610,000 in March from 575,000 a month earlier, a separate survey indicates.
Copper stockpiles tracked by the LME rose for the first day in four, increasing 0.2 per cent to 510,425 tons. Bookings to remove metal from stockpiles dropped for a third day, down 8.1 per cent to 13,675 tons.
Aluminum for three-month delivery on the LME fell 0.7 per cent to $2,444 a ton. The contract reached $2,471 yesterday, the highest intraday price since Sept. 29, 2008.