In Commodity News 09/03/2016
London copper slipped on Tuesday, but stayed within reach of four-month highs as growing confidence oil prices have bottomed stoked a revival in investor appetite towards other commodities.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange had slipped around 1 percent to $4,945 a tonne by 0225 GMT, adding to small losses from the previous session. Prices are still close to four-month highs struck last week at $5,059 a tonne.
* Shanghai Futures Exchange copper fell around 1.3 percent to 37,690 yuan ($5,794) a tonne.
* Global oil markets jumped more than 5 percent on Monday, with Brent hitting a 2016-peak above $40 a barrel, after Ecuador said it was holding a meeting of Latin American crude producers as OPEC sought a higher anchor price for oil.
* China’s foreign exchange reserves fell $28.57 billion in February, slightly less than expected and easing from January’s slump, suggesting the central bank is scaling back its interventions to support the yuan as capital outflows slow.
* After a long wait for inflation to accelerate, U.S. Federal Reserve officials face a complex and possibly divisive debate over whether recent evidence of rising prices is strong enough to move ahead with planned rate hikes.
* German industrial orders fell less than expected in January, with a spike in orders from euro zone countries cushioning a drop in demand from domestic customers, data showed on Monday.
* The world’s No.1 and No.4 iron ore miners are in talks that could see Brazil’s Vale SA taking a minority stake in Australia-based Fortescue Metals Group and the blending of their iron ore to win market share in China.
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MARKETS NEWS
* Asian shares inched higher on Tuesday after global oil prices soared to three-month highs on growing hopes of more coordinated measures from oil-producing countries to stem tumbling prices.
DATA AHEAD (GMT)
China Trade data Feb
0700 Germany Industrial output Jan
1000 Euro zone Revised GDP Q4
1100 U.S. NFIB business optimism Feb
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
Source: Reuters (Reporting by Melanie Burton; Editing by Joseph Radford)
