GO
Loading...

METALS-Copper eyes biggest weekly fall in two months

Thursday, 7 Nov 2013 | 8:38 PM ET

SINGAPORE, Nov 8 (Reuters) - London copper was little changed on Friday but was set to notch up its biggest weekly fall in two months as supply growth outpaces demand that has been pinned back by fragile U.S. economic growth and tightening credit in China.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange edged up by 0.1 percent to $7,155 a tonne by 0116 GMT.

* Prices have slid around 1.3 percent so far this week, putting copper on course for its weakest performance since Sept. 13.

* The most-traded January copper contract on the Shanghai Futures Exchange edged up by 0.2 percent to 51,490 yuan ($8,500) a tonne.

* For the week however, LME nickel was the biggest loser, facing a drop of nearly 4 percent. LME nickel touched its lowest since Oct 16 at 13,901 on Thursday.

* The London Metal Exchange, aiming to appease critics of its global storage network, on Thursday slashed the maximum queues for metal, beefed up its powers to act against market abuse and will review its agreement with warehouse owners.

* The European Central Bank cut interest rates to a record low on Thursday and said it could take them lower still to prevent the euro zone's recovery from stalling as inflation tumbles.

* U.S. economic growth accelerated in the third quarter as businesses restocked shelves, but the slowest expansion in consumer spending in two years suggested an underlying loss of momentum.

* China's main commodities imports likely eased from record levels last month due to a week-long holiday in October, but shipments of crude oil, copper and iron ore are still expected to post strong annual growth as economic recovery gathers pace.

* For the top stories in metals and other news, click , or

MARKETS NEWS

* Asian shares slumped to a three-week low on Friday after Wall Street suffered its biggest fall in more than two months, while a surprise interest rate cut by the European Central Bank underscored the fragility of the global economy.

DATA/EVENTS (GMT)

0200 China Exports

0200 China Imports

0200 China Trade balance

0700 Germany Trade balance

0745 France Industrial output

0745 France Trade balance

1330 U.S. Unemployment rate

1330 U.S. Nonfarm payrolls

1455 U.S. Univ of Michigan sentiment index

1700 U.S. World Agricultural Supply and Demand Report

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

Three month LME tin

($1 = 6.0908 Chinese yuan)

(Reporting by Melanie Burton; Editing by Richard Pullin)