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There is an increase in the metal copper up to 8,000 US dollars, this is the keys psychological level, the stocks also declined in the top consumer in China, and in the global inventory that tracked the LME remained in the lower levels. This strike the action in Chile that continuously lends.
According to the JP Morgan analyst, Michael Jansen, “The market in China constantly absorbs the large amount that has been imported ranging the month of March till May.” “There is still a very strong supply in the metal of China although the excess supplied is slowing down.” At about 9.30 am, the copper LME for the 3 month delivery in trading is at 8,060 US dollars per ton opposing 7,971 US dollars closely yesterday. The copper had already increased some 5% since the beginning of the month.
The Shanghai Future Exchange a while ago had told that the stockpiles in copper declined to 1,350 tons up to 98,675 tons, as told in the exchange in the daily report. In the meantime the discussion in the Codelco Chile mines has ended a rally that had failed in pressure pricings to lower. The worlds biggest miner of copper, that is Codelco has produced 10% short in the normal levels.
According to Jansen, “There are many sorts of different party that had been involved, the difficulty to put conclusion.” In lead struck there is many all-time high, increase to about 3,460 US dollars before the relieving to 3,440 US dollars that was from 3336 US dollars that was yesterday. The tin increased to 15,450 US dollars opposing the 15,400 US dollars. The pricings in the metal, that was used intensively for the soldering of electronics, increased to the highest point since the new contract had begin in 1989
19:50
Posted on Jul-20-2007
