logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Copper Prices Rise On Lower Surplus

By  +Follow August 23, 2013 11:10AM
Share:
Tickers Mentioned:

Copper futures gained for a second consecutive day heading into the final hours of the week of trading, the result of smaller inventories and underwhelming domestic economic data that allayed fears about next month’s anticipated reduction of federal stimulus spending.

The London Metal Exchange (LME) saw stockpiles 3.4 percent lower for the week, the biggest drop in inventory in almost a year, as futures due for delivery in December were up 0.4 percent to $3.35 per pound on the New York Comex, while the LME saw almost identical results on a gain of 0.2 percent. Inventories were lower for the 28th consecutive trading session to 564,225 tons.

Stronger prices for the metal could be offset by modest reductions in the pace of Chinese growth, as the world’s largest consumer of copper tightens liquidity in an attempt to head risks in financial markets.

Friday’s weaker home sales figures also figured in to copper’s gains on the day, as investors interpreted the data as the sort of variable that would convince the Fed to postpone the beginning of the gradual curtailment of its $85 billion a month in asset purchases.

The future of copper prices will also be to some extent dependent on sustained demand in China, but also throughout the developing world. Large mining companies like BHP Billiton (BHP) , Vale SA (VALE) , and Rio Tinto (RIO) have posted record numbers for iron ore production, but have received less attention for greatly increased copper output through the first half of 2013. This week’s significant drop in stockpiles suggests that demand will remain unchanged for the near-term.

[Image: Copper, courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for BHP
Adrian Tout
24 Nov 14 01:27:07
#China: what lever to pull? Expect miners to catch a bid in the short-term... don't expect follow-through: http://t.co/TsYxv8wIs9 $BHP $RIO
luckypete
24 Nov 14 00:21:29
@petergo99037185 $BHP said 3% UP $DAX that is HUGE still RESPECT the PROS! 45 EXIT ++$$ + 60 sidelines, may tumble here..
Zonebourse News
24 Nov 14 00:20:03
BHP Billiton mise sur le cuivre face au recul du minerai de fer http://t.co/QQg7sj5jnm $BLT $RIO $VALE5 $BHP $RIO $BLT $RIO
Zonebourse News
24 Nov 14 00:15:02
BHP Billiton : présente de nouvelles mesures de réduction des coûts http://t.co/nrzsZ0By6Y $BHP
luckypete
24 Nov 14 00:06:01
@petergo99037185 $DAX 16 close all pos ++$$ + 60 , net + 96 SIDELINES $BHP indicated up, lets wait!
Thudder & Wicks
23 Nov 14 23:58:08
$BHP lifts savings target to $US4 billion http://t.co/45tElwQiCw
Thudder & Wicks
23 Nov 14 23:53:44
$BHP Targets Further Spending Cuts as Iron Prices Tumble http://t.co/RyhPzrA1R6
Seeking Alpha - All
23 Nov 14 23:50:18
BHP Billiton Is Giving Long-Term Dividend Growth Investors A Great Entry Point http://t.co/JdYfwU5map $BBL $BHP
Sentifi UK_Market
23 Nov 14 23:43:19
RT @Sentifi_CH: TOP Current Discussions in News & Social Media at http://t.co/OEb5IebY7k $SYMC $BABA $FLG $AV $BHP $RBS #deflation http://t…
Zonebourse News
23 Nov 14 23:35:04
BHP Billiton : présente de nouvelles mesures de réduction des coûts http://t.co/xAHt3yOUVp $BHP
NASDAQ
23 Nov 14 23:31:06
$BHP - BHP Billiton PLC BHP Billiton 2014 Demerger Update http://t.co/wTBgdLHQ9S
Seeking Alpha - All
23 Nov 14 23:28:54
6 Contender Dividend Dogs Dig At 16% To 34% November Upsides http://t.co/gLjsDiYl2b $APU $ARLP $BBL $BHP $GEL $HEP $KMP $OHI $OKE $PAA
Sentifi UK_Market
23 Nov 14 23:27:27
BHP Outlines Plan to Cut Costs, Reshuffles Management http://t.co/1fY0GLsJwD More $BHP: http://t.co/yUuwWReozi http://t.co/pZJaqB2rBD
Sentifi UK_Market
23 Nov 14 23:19:38
Today's TOP 10 Most Discussed $FTSE 100 Companies http://t.co/sMau6MDzSo $FLG $AV $BHP $RBS $IAG $BARC http://t.co/7vDZkzc0cq
Sentifi CH Market
23 Nov 14 23:08:50
TOP Current Discussions in News & Social Media at http://t.co/OEb5IebY7k $SYMC $BABA $FLG $AV $BHP $RBS #deflation http://t.co/9bG1R1CYP4
Thudder & Wicks
23 Nov 14 22:53:50
$BHP Outlines Plan to Cut Costs, Reshuffles Management - WSJ http://t.co/ibFigtWw67
Interactive Brokers
23 Nov 14 22:52:36
#IBTI Stocks - ASX200 up on Chinese rate cut http://t.co/h9vzhKnnbl $BHP $FMG $RIO
NASDAQ
23 Nov 14 22:34:07
$BHP - BHP Outlines Plan to Cut Costs, Reshuffles Management -- Update http://t.co/rrorQxo3li
4-traders.com
23 Nov 14 22:20:18
BHP Outlines Plan to Cut Costs, Reshuffles Management -- Update http://t.co/u4f592uJNg $BHP $BLT $BLT $AUWDY $S3258 $ADE $MLMAD
KBL Mining
23 Nov 14 21:45:05
$BHP flags big #copper expansion http://t.co/xUVl8oZCl2 #basemetals #industrialmetals #mining
Scarface Trader
23 Nov 14 20:28:47
$CLF Would hate to be short tomm! China up nearly 500pts on rate cut..Miners going wild right now $BHP & $RIO up nearly 4% $CLF to 11 tomm!
Finance News Network
23 Nov 14 20:18:38
Resources stocks with a strong investment case - Pengana's @TimSchroeders discusses $LNG $POS $BHP $RIO: https://t.co/5icSloh1Yv
luckypete
23 Nov 14 19:42:56
AUS ADR $BHP and $DAX correlation is over 80%, depending on USD/JPY $/YEN manipulation by BOJ, it has proven reliable 2 years, SEAT BELTS ON
luckypete
23 Nov 14 19:39:18
$DAX projected wow 3% UP by AUS ADR Miner/exporter $BHP, typically China NEG data reduces index >1%, good news may travel far, explosive UP.
Fe Limited
23 Nov 14 19:30:21
BHP chief's verdict on the boom days for #ironore http://t.co/nO6ehfP9WM #metals #mining #steel #chinabiz #bulks #resources #commods $BHP
Stockaholics
23 Nov 14 18:41:46
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $BHP $CADX $BSX
NASDAQ
23 Nov 14 18:31:08
$BHP - Asian Shares Surge After China Rate Cut http://t.co/eWAUmHB69n
4-traders.com
23 Nov 14 18:20:02
Asian Shares Surge After China Rate Cut http://t.co/tYRAg5LiiJ $BHP $RIO $BLT $RIO $MOVE $AUWDY $CPWW $IFCI $SRL1 $MLMAD
dre
23 Nov 14 17:34:03
RT @CBAMyWealth: $BHP cuts spending and re-shuffles management to target at least US$4bn in cost savings. Find out why. #ASX #auzbiz https…
dre
23 Nov 14 17:33:12
RT @IGSquawk: #XJO (+1%) surges #China support. #Miners buoy index: $FMG (+10%), $BHP (+4%), $RIO (+4%). $ALQ (+17%) +ve 1H result. $PDN c…
Lelde Smits
23 Nov 14 17:32:58
RT @Finnewsnetwork: $BHP @bhpbilliton cuts capex, changes executives & makes appointments as it prepares for its demerger: http://t.co/AgJN…
IG Singapore
23 Nov 14 17:10:41
RT @IGSquawk: #XJO (+1%) surges #China support. #Miners buoy index: $FMG (+10%), $BHP (+4%), $RIO (+4%). $ALQ (+17%) +ve 1H result. $PDN c…
IGSquawk
23 Nov 14 17:10:28
#XJO (+1%) surges #China support. #Miners buoy index: $FMG (+10%), $BHP (+4%), $RIO (+4%). $ALQ (+17%) +ve 1H result. $PDN cap raising. DP
Rex Dwyer
23 Nov 14 16:59:11
RT @FinancialReview: $BHP Billiton to cut capital spending by up to $US13b, restructures management. #ausbiz http://t.co/pG8ui4OXuJ
MyWealth
23 Nov 14 16:57:40
$BHP cuts spending and re-shuffles management to target at least US$4bn in cost savings. Find out why. #ASX #auzbiz https://t.co/RQUlvY52uW
Finance News Network
23 Nov 14 16:49:22
$BHP @bhpbilliton cuts capex, changes executives & makes appointments as it prepares for its demerger: http://t.co/AgJNfrfXpN
Mark Trader
23 Nov 14 16:19:40
http://t.co/FOdvsRfk32 has 6 pro traders in their chat room. real-time trade alerts, and offer a 14-day trial. $BYI $ESRX $BHP $ERIC $AXP
OTPicks.com
23 Nov 14 16:14:03
http://t.co/NYsxQOU64w clayton: BHP 57.34 Bhp Billiton Limited $BHP added to my: clayton http://t.co/VoXQBP2OZe http://t.co/NYsxQOU64w
Investors Hangout
23 Nov 14 16:12:39
clayton: BHP 57.34 Bhp Billiton Limited $BHP added to my http://t.co/r8nA3qZsgr
Investors Hangout
23 Nov 14 16:12:36
clayton: BHP 57.34 Bhp Billiton Limited $BHP added to my http://t.co/CY2GWzoRim
clayton
23 Nov 14 16:05:18
BHP 57.34 Bhp Billiton Limited $BHP added to my watch list. Right now with BHP I am watching the last price 57 http://t.co/wfP0X0eOEJ
Market Newswire
23 Nov 14 16:00:37
BHP Outlines Plan to Cut Costs, Reshuffles Management - WSJ - http://t.co/tcTUUUlc1w $BHP $BBL #news #invest #mkt
James Howarth
23 Nov 14 15:54:05
RT @FinancialReview: Andrew Mackenzie is shrinking $BHP to greatness with cost management and at least one surprising exec redeployment htt…
Lucky Jimmy
23 Nov 14 15:49:13
BHP Stock up +3.97% percent Today $BHP High is at 57.99 and the Low 57.11 with current volume of 4,125,200. http://t.co/fOWxs6W3y0
CommSec
23 Nov 14 15:48:50
BHP $BHP program/cost update out today. $BHP up 3.7% after lift 5% in UK - boost by Chinese rate cut higher metal prices #ausbiz ^JR
Henry Fung
23 Nov 14 15:43:29
@melbtrader I smell an #XJO wide rally in to xmas. All central bankers pushing the QE button. Waiting for $BHP $RIO to trend before jumping
Investors Hangout
23 Nov 14 15:41:12
jim50: BHP Gapped up +1.77 $BHP Last Price 57.34 Day http://t.co/pE9hGbCW9q
Investors Hangout
23 Nov 14 15:41:05
jim50: BHP Gapped up +1.77 $BHP Last Price 57.34 Day http://t.co/fWfnQcs2nt
jim50
23 Nov 14 15:28:53
BHP Gapped up +1.77 $BHP Last Price 57.34 Day High 57.99 Day Low 57.11 Change +2.19 Volume 4,125,200 Today 592 http://t.co/U84BTtNHzn
Matthew Murphy
23 Nov 14 15:27:45
RT @mcdonaldsarahj: Good day for $BHP shareholders (first one in a while), +4.1% and heading for biggest daily gain since 2012 #ausbiz htt…
				
				
By  +Follow August 23, 2013 11:10AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.