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UPDATE 6-Copper steady after U.S. data, tin at 2-mth high Fri Oct 12, 2007
12:31pm
By Anna Stablum and Pratima Desai
LONDON, Oct 12 (Reuters) - Copper prices steadied on Friday after strong U.S.
data boosted sentiment and offset worries about rising stocks.
Tin hit a two-month high on supply concerns and lead slipped.
But London-listed miners succumbed to broader stock market losses in Europe
with BHP Billiton (BLT.L: Quote, Profile, Research), Xstrata (XTA.L: Quote,
Profile, Research), and Kazakhmys (KAZ.L: Quote, Profile, Research) all down
more than 1 percent.
Copper (MCU3: Quote, Profile, Research) for delivery in three months on the
London Metal Exchange closed at $8,060 a tonne from $8,080 at the close on
Thursday. The metal is used widely in the power and construction industries.
Data showing a rise in U.S. retail sales in September boosted perceptions
that growth prospects in the United States may be healthier than previously
thought. [ID:nN12369965]
Subdued inflation data meanwhile quashed some expectations of a rise in U.S.
rates.
"Base metals have taken heart from U.S. data, the market is chasing the
headline number at the moment," said John Kemp, economist at Sempra Metals.
"Basically the headline retail sales number was better than expected,
therefore the economy might be holding up better."
But the rise in stocks was a negative factor weighing on the market, traders
said. Copper stocks rose by 2,300 tonnes to 138,150 in LME warehouses and in
Shanghai they rose by 23 percent in the week ended Thursday [ID:nBJD000200].
ACUTE
Tin (MSN3: Quote, Profile, Research) hit $16,550 a tonne, the highest since
August 10. It ended at $16,450 from $15,900 on Thursday.
Supply constraints in Indonesia have forced Singapore Tin Industries Pte
Ltd., the city-state's top tin refiner, to drastically slash its output target
to 7,000 tonnes in 2007.
STI, a joint venture between China's main producer, Yunnan Tin Ltd.
(000960.SZ: Quote, Profile, Research), and local tin firm, KJP International
Pte. Ltd., initially aimed to produce 18,000 tonnes this year to meet surging
demand. [ID:nL11544508]
"We have expected (the fourth quarter) to be the period when supply tightness
becomes more acute and reports overnight from Chinese tin producers suggest
that this may be coming to fruition," Barclays Capital said in a research note.
Lead (MPB3: Quote, Profile, Research) saw some profit-taking after the recent
run to a record high of $3,890 on Thursday, a gain of more than 130 percent
this year. The metal used mainly by battery makers slipped to $3,820 from
$3,835 on Thursday.
Aluminium (MAL3: Quote, Profile, Research) touched $2,515, the highest in more
than a week. It ended at $2,505 a tonne from $2,470.
Traders expect strong seasonal demand and news that China has cancelled
preferential electricity rates for aluminium producers [ID:nSHA311167] to
bolster prices.
Zinc (MZN3: Quote, Profile, Research) was up at $3,125 from $3,075 and nickel
(MNI3: Quote, Profile, Research) rose to $32,000 from $31,900.
Metal Prices at 1610 GMT Metal Last Change Pct Move End
2006 Ytd Pct
move LME Cu
8060.00 -20.00 -0.25 6330.00 27.33 SHFE Cu* 66890.00
-30.00 -0.04 60080.00 11.33 LME Alum 2502.00 32.00
+1.30 2805.00 -10.80 SHFE Alu 19220.00 -30.00 -0.16
20550.00 -6.47 COMEX Cu 363.50 -1.40 -0.38 287.10
26.61 LME Zinc 3105.00 30.00 +0.98 4230.00 -26.60 LME
Nickel 32000.00 100.00 +0.31 33325.00 -3.98 LME Lead
3820.00 -15.00 -0.39 1670.00 128.74 LME Tin 16350.00
450.00 +2.83 11510.00 42.05 ** 1st contract month for COMEX copper
* 3rd contact month for SHFE AL and CU
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