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Copper and Aluminum Prices To Drop On Taper, Weaker Chinese Demand

By  +Follow August 19, 2013 7:30AM
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Copper futures due for delivery in December dropped 1 percent to $3.33 per-pound to begin the week of trading on Monday, on concerns about weakening demand for the metal through the remainder of 2013.

With a growing certainty across markets that the Federal Reserve will begin its gradual reduction of stimulus spending from $85 billion to $65 billion per month starting in September, analysts have worried that the resulting increase in the strentth of the dollar will send commodity prices downwards. Edward Meir, an analyst at New York’s INTL FCStone was quoted in a report as saying that a September taper would “likely result in a stronger dollar and a rollback in many commodity prices, including base metals.”

Futures have fallen nearly 8 percent so far in 2013, though prices have been on an upward trajectory for first half of August, due to better than expected economic data coming out of China. The country is the world’s largest consumer of copper, and trade figures released on Aug. 8 sent copper prices and related ETFs surging as expectations for a slow-down in construction were shown to be overstated.

The world’s largest mining companies, Rio Tinto Plc. (RIO) and BHP Billiton (BHP) posted significant increases in copper production for the second quarter. This production increase has led to more or less of a consensus that 2013 will see a stockpile surplus that will send prices lower either way. Furthermore, analysts have still been skeptical about the sustainability of the Chinese growth that has propelled copper.

Other base metals were feeling the pressure on Monday as well, with aluminum down 1.3 percent to $1,919.25 per ton on the London Metal Exchange, followed by zinc, nickel, and tin. United Rusal Co., the world’s largest producer of aluminum, said that announced reductions to its aluminum production targets in the wake of second-quarter losses.

 
Results for BHP
Kodiaq
17 Apr 14 13:05:47
@BenJGunn they aren't getting bought. Harper and Wall are both still in their seats. It's more likely $BHP JVs Jansen w/ them IMO
Mining Man
17 Apr 14 10:12:39
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MarketCurrents
17 Apr 14 09:37:38
Bloomberg: BHP needs rebound, not spinoffs http://t.co/vjiGrvaeBz $BHP
WKRB News
17 Apr 14 09:29:23
BHP Billiton Rating Increased to Hold at S&P Equity Research $BHP http://t.co/VrBliWI2p2
Foghorn returns
17 Apr 14 09:13:55
Commented on StockTwits: The price has to go up. It can't stay at these levels. $BHP just cut production of it. http://t.co/Whv7c7e6BU
Mining Man
17 Apr 14 09:02:34
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Mining Man
17 Apr 14 08:03:07
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Alex Tees
17 Apr 14 06:52:19
RT @FinancialReview: $BHP Billiton increases full-year iron ore guidance on record output. #ausbiz #resources http://t.co/VOGCXvpngB
Tara Lachapelle
17 Apr 14 05:54:46
RT @Real_MNA: What $BHP Billiton really needs. (Hint: it's not a breakup) --> http://t.co/0WfBdBqGpG by @AngusWhitley1 & @ElisBehrmann
Bloomberg Real M&A
17 Apr 14 05:54:36
What $BHP Billiton really needs. (Hint: it's not a breakup) --> http://t.co/0WfBdBqGpG by @AngusWhitley1 & @ElisBehrmann
Stock Signaling
17 Apr 14 04:01:16
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AllyGMorrison
17 Apr 14 03:59:26
$BHP Walter Energy Inc Is in a Race Against the Clock http://t.co/0y64jggx5S
AllyGMorrison
17 Apr 14 03:59:26
$BHP Peruvian Mining Stocks: Boom or Bust? http://t.co/8R1rEURm5l
AllyGMorrison
17 Apr 14 03:42:07
$BHP BHP Billiton's Production Up 10% Y/Y http://t.co/bzkOK9R0bf
AllyGMorrison
17 Apr 14 03:36:36
$BHP [video] Pisani: Yellen 'clear' on Fed's intentions http://t.co/FtfmBa1emh
GavinGreenberg
17 Apr 14 03:12:10
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/XkVdNg8TXH
seekthet
17 Apr 14 02:34:34
RT @StockSignaling: Basic Materials Sector: Upgrades: $BHP $CJES $RDC $EOX $PES $SEMG $NGD $GSS $GDP $PDS $MPO $FTK $VLO $PSX $FET http://t…
Stock Herald
17 Apr 14 02:12:36
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/BUgPaOabJ6
miningman
17 Apr 14 01:41:15
hear from $BHP, $RIO why these shorts are the top #longs for 2014
James
17 Apr 14 01:31:35
RT @StockSignaling: Basic Materials Sector: Upgrades: $BHP $CJES $RDC $EOX $PES $SEMG $NGD $GSS $GDP $PDS $MPO $FTK $VLO $PSX $FET http://t…
Stock Signaling
17 Apr 14 01:31:21
Basic Materials Sector: Upgrades: $BHP $CJES $RDC $EOX $PES $SEMG $NGD $GSS $GDP $PDS $MPO $FTK $VLO $PSX $FET http://t.co/3gvJLENZtD #nyse
miningman
17 Apr 14 01:28:07
hear from $BHP, $RIO why these shorts are the top #longs for 2014 and 2015
Informer
17 Apr 14 01:12:28
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/ETRp3CNibT
Alexander Morris
17 Apr 14 01:03:56
$BHP: 1mHugeRngBar- [x4], ch:+0.8%, PrvCHi, PDayGp+, AtPivS1, 4:2Accel-, tf:60, AvgDyV/R=3.41M/0.86[x0.8]; 15x:18xTrdVol; TLM:0.3
GavinGreenberg
17 Apr 14 00:12:10
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/Oa7UoKBCgP
Stock Herald
16 Apr 14 23:22:38
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/BUgPaOabJ6
Stock Herald
16 Apr 14 23:12:21
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/8AtXDSJfSV
Bubblews Mogul
16 Apr 14 23:09:23
RT @sheriffmako Checkmate the Shale Market in Three Moves $RDS $BHP $ECA http://t.co/6N1UFsji22: http://t.co/rlYCmHNizn
Informer
16 Apr 14 22:18:34
$BHP: BHP Billitons Production Up 10% Y/Y http://t.co/revalz3eAA
Mining Man
16 Apr 14 22:16:44
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Informer
16 Apr 14 22:12:17
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/Y3x5VU7hce
miningman
16 Apr 14 22:11:50
hear from $BHP, $RIO why these shorts are the top #longs for 2014
GavinGreenberg
16 Apr 14 21:55:33
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/m7reZPdof0
Ani Anirudhan
16 Apr 14 21:45:39
$BHP bull flag https://t.co/859h2dxzr7 from http://t.co/sFhRmJpeCy
Mining Man
16 Apr 14 21:38:39
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AllyGMorrison
16 Apr 14 21:25:33
$BHP Former Shell executive joins BHP Billiton's board http://t.co/tEMWqWS1Wn
Bubblews Mogul
16 Apr 14 21:23:23
Checkmate the Shale Market in Three Moves $RDS $BHP $ECA http://t.co/6N1UFsji22
GavinGreenberg
16 Apr 14 21:18:06
$BHP: BHP Billitons Production Up 10% Y/Y http://t.co/Pcq7zpxbsM
GavinGreenberg
16 Apr 14 21:12:16
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/QVbaFrZ2EI
miningman
16 Apr 14 21:03:07
hear from $BHP, $RIO why these shorts are the top #longs for 2014 and 2015
Mike Mustafoglu
16 Apr 14 20:56:30
BHP Billiton: Potash patience - http://t.co/tXP9LgzNaV http://t.co/lqtKJxGuYm via @FT $BHP $POT
Stock Herald
16 Apr 14 20:22:33
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/bTxc0MrnHO
Stock Herald
16 Apr 14 20:17:04
$BHP: BHP Billitons Production Up 10% Y/Y http://t.co/USxRNJ9VSo
Stock Herald
16 Apr 14 20:12:14
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/9TSYTy0tw4
Informer
16 Apr 14 19:50:04
$BHP: BHP Billitons Production Up 10% Y/Y http://t.co/revalz3eAA
Stock News 24
16 Apr 14 19:34:13
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Informer
16 Apr 14 19:34:05
$BHP: [video] Pisani: Yellen clear on Feds intentions http://t.co/Y3x5VU7hce
MarketNews
16 Apr 14 19:25:37
$BHP - [video] Pisani: Yellen clear on Feds intentions -> http://t.co/sA2OwPBGtp #stock #stocks #stockaction
UKMetals
16 Apr 14 19:11:05
RT @KupangResources: BHP’s manganese ore output down in March quarter http://t.co/sYYtRIfllu #manganese #ore #mining #metals #ASX $BHP #aus…
Kupang Resources
16 Apr 14 19:10:19
BHP’s manganese ore output down in March quarter http://t.co/sYYtRIfllu #manganese #ore #mining #metals #ASX $BHP #ausbiz
				
				
By  +Follow August 19, 2013 7:30AM
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