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The strike threat has already been outweighed by the lighter Chinese, in Asia the copper already eases as high stockpiles.
According to a daily report in the exchange, the red metal had been underpinned by the dwindling LME stockpiles, they fall down to 75 tons to 118,950 tons.
Inventories are increasing in Asia, the demands in China will likely fall, after an oversupply of copper that was imported by the world’s top copper consumer as stated by metal analyst in Barclay’s Capital, he is Sudakshina Unnikrishnan.
He also said that “The market is short of lead although physical indications do suggest something to the contrary as evidenced by flat premiums out of the US,” The 3 month delivery of LME copper lowered to $7,415 per ton against $ 7,840.
The refinery if Canada CCR operates below the capacity because of dispute among workers. A strike will put a partial closing in two mines, one smelter and a worker in Codelco, this in the Southern part.
"If this strike action continues...then copper could get a solid uplift," said JP Morgan analyst Michael Jansen.
The struck of lead is high today, it was supported by a strong demand, and a weak supply outlook and the removing of the tax rebates in China of lead.
"The market is short of lead although physical indications do suggest something to the contrary as evidenced by flat premiums out of the US," noted Jansen.
Metals like aluminium cut down to 2,714 US dollars against 2,721 US dollars while zinc eased to 3,470 US dollars against 3,530 US dollars. Nickel lowered to 38,900 US dollars from 39,150 US dollars.
Tin lowered to 13,975 US dollars from 14,090 usd.
22:48
Posted on Jun-26-2007
