LME copper flirts with $8,000, dollar slides

Date Apr 12 2010 13:45:06 Source:Reuters
    SINGAPORE, April 12 (Reuters) - London copper futures rose on Monday, flirting with $8,000 a tonne after sentiment across commodities turned more bullish on a weaker dollar fuelled by hopes a bailout plan for Greece will cut the risk of a default.
    * Three-month copper on the London Metal Exchange <CMCU3> rose $65 early on Monday to $7,985, nearing last week''s 20-month peak of $8,010.
    * When Shanghai closed on Friday, LME copper stood at $7,960, suggesting a firm start to the day.
    * LME stocks of copper rose a modest 675 tonnes to 511,925 tonnes on Friday, ending the week down 0.13 percent, while Shanghai stocks jumped almost 16,000 tonnes to 169,538 tonnes ahead of this week''s contract expiry.
    * For a graphic suite of global exchange stocks, click:
    * China''s strong demand for copper showed no let-up in March, with imports rising rapidly despite higher prices as factories returned to work in earnest after the long Lunar New Year holidays. [ID:nSGE63901H]
    * Purchases of other commodities, such as alumina, iron ore, steel, and rubber also rose robustly, while imports of unwrought aluminium, coke and corn slowed from the previous year''s levels, according to official data released on Saturday. 
    * Imports of unwrought and semi-finished copper surged 41.6 percent on the month, surpassing estimates by traders and analysts for the second straight month and reflecting strong term and financing inflows to the world''s top consumer of the metal.
    * The imports, including anode, refined, alloy and semi-finished products, stood at 456,240 tonnes in March, much higher than the estimate of flat to lower from the previous month''s 322,282 tonnes.
    * The U.S. dollar index <.DXY> fell 1.1 percent against a basket of currencies on Monday, as the euro jumped to its highest in nearly a month in early Asian trade, after European Union leaders agreed to a rescue package for Greece. [USD/]
    * Euro zone finance ministers approved a giant 30-billion-euro ($40 billion) emergency aid mechanism for debt-plagued Greece on Sunday but stressed Athens had not requested the plan be activated yet. [ID:nLDE63A0BO]
    * U.S. stocks rose on Friday with the Dow surpassing 11,000 for the first time in a year-and-a-half after Chevron''s upbeat outlook and wholesale inventories data reinforced bets on an improving economy. [.N]
    * U.S. wholesale inventories rose more than expected in February and sales at wholesalers reached their highest level since October 2008, brightening prospects for first-quarter economic growth.
    * The following data is expected on Monday:
    - Italy industrial output for Feb (0400 GMT)
    - Canada Housing Starts for March (0815 GMT)
    - U.S. Fed Budget for March       (1800 GMT)
Monday, 12 April 2010 08:57:27

Gold hits 4-mth high on euro jump,investment demand

Date Apr 12 2010 13:43:57 Source:Reuters
    TOKYO, April 12 (Reuters) - Spot gold prices rose to their highest in four months on a jump in the euro and investment demand, while platinum and palladium hit multi-month highs on expectations of strengthening industrial demand as the economy recovers.
    * Spot gold <XAU=> climbed as high as $1,168.70 per ounce early in Asian trade on Monday, its highest since Dec. 4, and stood at $1,165.35 as of 0014 GMT, up 0.5 percent from New York''s notional close of $1,159.00.
    * Gold prices were underpinned by investors fleeing to safety amid lingering concerns about Europe''s financial stability, symbolised by Greece''s debt crisis. The metal ended last week up about 3 percent, the biggest gain since the week of Jan. 10.
    * U.S. gold futures for June delivery <GCM0> inched up 0.4 percent at $1,166.40 per ounce compared to $1,161.90 an ounce on the COMEX division of the New York Mercantile Exchange.
    * The world''s largest gold-backed exchange-traded fund, the SPDR Gold Trust <GLD>, said its holdings hit an all-time high of 1,141.041 tonnes as of April 9, topping the previous record hit the day before. [GOL/SPDR]
    * Spot palladium <XPD=> rose to a two-year high above $511.50, while spot platinum <XPT=> marked a 20-month high above $1,724.00. [ID:nTKU105936]
    * Silver <XAG=> rose as high as $18.53 an ounce, the highest since Jan. 20.
    * Noncommercial net long U.S. gold futures positions jumped 17 percent to 203,466 contracts in the week that ended on April 6 from 173,766 contracts a week earlier, the biggest percentage rise in eight months and the highest level in a month.
    * Nikkei was up 0.8 percent on Monday. [.T]
    * U.S. stocks rose on Friday with the Dow surpassing 11,000 for the first time in a year-and-a-half after Chevron''s upbeat outlook and wholesale inventories data reinforced bets on an improving economy. [.N]
    * The euro jumped to its highest in nearly a month in early Asian trade on Monday, after European Union leaders agreed to a rescue package for Greece which traders said could drive  investors to cover short positions. [USD/]
    * Oil prices <CLc1> rose above $85 a barrel on Monday, after falling for the third day in a row on Friday due to bloated inventories stoking concerns about weak demand. [O/R]
    * The following data is expected on Monday: <ECON>
    - U.S. Federal budget for March. (1800 GMT)
    - UK BRC March retail sales survey. (2301 GMT)
    - UK March RICS house price survey. (2301 GMT)
 >Gold hits 2010 high as Greece fear boosts buying         [GOL/]
 >Euro zone readies huge rescue package for Greece[ID:nLDE63A0BO]
 >Harmony stops ops at SAfrica mine after fatality[ID:nLDE6381KC]
 >Gold, copper rise to snap broad 3-day decline        [COM/WRAP]
    Precious metals prices at 0027 GMT
 Metal         Last      Change  Pct chg   2 Day chg   MA 30  RSI
 Spot gold    $1166.00    $7.00  +0.60%    +0.70%   $1121.74   82
 Spot silver    $18.51    $0.16  +0.87%    +1.82%     $17.40   79
 Spot plat    $1730.00   $18.00  +1.05%    +2.13%   $1630.82   84
 COMEX gold   $1166.50   $37.10  +3.28%    +1.31%   $1124.32   82
 TOCOM gold      3,499       24  +0.69%    +0.29%      3,323   85
 TOCOM plat      5,170       27  +0.52%    +0.23%      4,826   80
 Euro/dlr       $1.364   $0.001  +0.11%    +1.05%
 Dlr/yen         93.08    -0.07  -0.08%    -0.08%
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
Monday, 12 April 2010 08:43:26

Silver fixes higher, gold steadieas in Europe

Date Apr 09 2010 11:30:43 Source:Reuters
 * Silver fixes at 1,798.00 cents, above its previous fix of 1,797.00 cents.
 * Spot silver <XAG=> bid at $17.95 an ounce at 1112 GMT against $18.11 late in New York on Wednesday.
 * Forward rates on Reuters pages <SIFO> indicated at 0.53, 0.53, 0.54, 0.58 and 0.59 percent for one, two, three, six and 12 months respectively.
 * Gold <XAU=> bid at $1,146.25 an ounce against $1,147.00.
 * Bullion prices steady as the stronger dollar caps gains that took the metal to a near three-month high in the previous session.
 * Platinum <XPT=> bid at $1,695 an ounce against $1,700.50.
 * Palladium <XPD=> bid at $498 an ounce against $506.

China Xiangguang to triple copper capacity next year

Date Apr 09 2010 11:29:29 Source:Reuters
   By Polly Yam
   HONG KONG, March 8 (Reuters) - China''s Xiangguang Copper plans to triple production capacity by the first half of next year as the construction of a second phase unit and upgrade projects are completed, a company official said on Thursday.
   Xiangguang will raise copper refining and smelting capacity to 600,000 tonnes from 200,000 tonnes, a third bigger than its original plan, making it the third biggest copper producer in the country which is the world''s top consumer of the metal.
   "The (new) capacity should start production in the first half of next year," a corporate affairs manager at Xiangguang, who declined to be named, told Reuters.
   He said Xiangguang is building 250,000 tonnes of annual capacity and upgrading the existing 200,000 tonnes of capacity to 250,000 tonnes. The combined 500,000 tonnes of capacity would use concentrates as feed.
   In addition, the company is building a 100,000 tonnes of capacity which would use scrap as feed, he added.
   The added capacity would boost the company''s demand for imports of copper concentrates.
   "Most of our concentrates are imported. We are planning to expand upstream to secure resources," the manager said of concentrate supply and did not give details of the expansion plan.
   Xiangguang has eyed a stake in Rocklands Project controlled by Australian gold and copper miner CuDeco Ltd <CDU.AX> to secure raw material supplies, the China Daily reported last month. [ID:nSGE62903F]
   The manager said the local county government of Yanggu in Shandong province has invited investors to build another 300,000 tonnes of copper production capacity as part of a local plan to house a total of 900,000 tonnes of copper capacity, including Xiangguang''s 600,000 tonnes, within 6 years.
   He said Xiangguang had not decided whether to invest in the proposed project.
   China, a key driver for a 140 percent price rise on the London Metal Exchange copper <MCU3> last year, produced 4.25 million tonnes of refined copper in 2009 according to the official data.
   Xiangguang is expanding to downstream products and started building a complex in Yanggu with total annual capacity of 320,000 tonnes of semi-finished and finished copper products, the manager said.
   The company is part of China''s private Shandong Fengxiang Group, or Fambros Group, which mainly supplies chicken to global fast food chains. (Editing by Ed Lane)

Research and Markets: China silver smelting industry, 2010

Date Apr 09 2010 11:28:54 Source:Business Wire
DUBLIN--(Business Wire)--
Research and Markets
hasannounced the addition of the "China silver smelting industry, 2010" report totheir offering.
China silver smelting Industry, 2010 is valuable for anyone who wants to invest in the silver smelting industry, to get Chinese investments; to import into
China or export from China, to build factories and take advantage of lower costs in China, to partner with one of the key Chinese corporations, to get market shares as China is boosting its domestic needs; to forecast the future of the world economy as China is leading the way; or to compete in the segment. The report provides in-depth analysis and detailed insight into the silver smelting industry, market drivers, key enterprises and their strategies, as well as technologies and investment status, risks and trends.
Data sources: Governmental statistics organizations, market research (monitoring) centers, industry associations and institutions, import and export statistics organizations, and others.
This report is divided into 9 parts 19 chapters as follow:
* Part 1 Industry Overview
* 1 Industry definition and development overview
* 2 Industry macroscopic environment and its influence analysis
* 3 Industry international market analysis
* 4 Industry domestic market analysis
* Part 2 Basic indices
* 5 Analysis of the industry''s scale and condition: 2005-2009
* 6 Status analysis of gross assets analysis: 2005-2009
* Part 3 Economic operation
* 7 Analysis of gross industrial output: 2005-2009
* 8 Industry sales income analysis: 2005-2009
* 9 Industry gross profit analysis
* 10 Industry import/export analysis in 2009
* Part 4 Competition landscape
* 11 Industry competition landscape analysis
* 12 Industry key enterprises'' competitive power comparison (top 20)
* Part 5 Key enterprises
* 13 Comparative analysis of the economic indicators of the industry''s key enterprises
* Part 6 Business strategy
* 14. Development bottlenecks and coping strategies in Industry
* 15 Enterprise development strategy analysis and recommendations in Industry
* Part 7 Market investment
* 16 Comparison and analysis of investment activity coefficient and rate of return on investment in Industry
* 17 Industry investment environment and risks analysis
* Part 8 Technology
* 18 Status and trends of the newest technology applications in Industry
* Part 9 Developments and trends
* 19 Development trends and operation capacity forecast for 2010-2014
There more than 200 figures and tables.
Report format: PDF
Knowledge is power. If you want to invest in, import into/from, partner with, or compete against any of the companies in this field, then China silver smelting Industry, 2010 is required reading.
For more information visit
Research and Markets
Laura Wood, Senior Manager,
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Copyright Business Wire 2010