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Copper Prices Rise On Lower Surplus

By  +Follow August 23, 2013 11:10AM
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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.


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Andrew Bayer
1 Sep 14 18:18:24
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Alysia Sarkisian
1 Sep 14 18:10:22
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
Auto Binary option
1 Sep 14 18:07:53
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
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1 Sep 14 18:07:11
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
MKTWAsia
1 Sep 14 18:03:44
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
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1 Sep 14 18:03:44
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
Evener Investment
1 Sep 14 18:03:32
RT @KitchenNews: Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
Michael Kitchen
1 Sep 14 18:03:25
Australia stocks inch down with big banks weak -- details here: http://t.co/uO0qOIK1ID $AUD $XJO $BHP $RIO $QAN
Alessandro
1 Sep 14 08:22:56
These 3 #Australian Iron Ore #Miners Stand Up Best To Weakening Spot Prices - $BHP | Seeking Alpha - http://t.co/twijipSqlq
awolam
1 Sep 14 03:10:59
RT @SeekingAlpha: These 3 Australian Iron Ore Miners Stand Up Best To Weakening Spot Prices http://t.co/Gl9etytqOT $FSUMF $RIO $BHP
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1 Sep 14 03:00:08
These 3 Australian Iron Ore Miners Stand Up Best To Weakening Spot Prices http://t.co/Gl9etytqOT $FSUMF $RIO $BHP
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1 Sep 14 02:16:45
RT @kirillklip: Los Azules in San Juan, one of the largest undeveloped #copper deposits in the world http://t.co/RzfmcwARiF $ABX $MUX $GDX…
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1 Sep 14 00:09:43
$dax OPENED HIGHER AT $bhp TARGET,...
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31 Aug 14 22:58:53
RT @CalibreInvest: #IronOre producer cost curve (courtesy of Credit Suisse). $RIO followed by $BHP, operating the lowest cost mines. http:/…
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31 Aug 14 22:34:49
RT @CalibreInvest: #IronOre producer cost curve (courtesy of Credit Suisse). $RIO followed by $BHP, operating the lowest cost mines. http:/…
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31 Aug 14 22:32:56
RT @CalibreInvest: #IronOre producer cost curve (courtesy of Credit Suisse). $RIO followed by $BHP, operating the lowest cost mines. http:/…
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31 Aug 14 22:04:13
RT @CalibreInvest: $BHP, over the past 12 months has reverted 12 times back to its mean of $37.10. #rangetrade http://t.co/87v8E2pKBs
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31 Aug 14 22:00:09
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31 Aug 14 21:21:05
Commented on: "Natural Gas: Will The Haynesville Resurrect?" http://t.co/1kVpLS7WE6 $APC $BHP $BX $CHK
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31 Aug 14 21:14:11
#IronOre producer cost curve (courtesy of Credit Suisse). $RIO followed by $BHP, operating the lowest cost mines. http://t.co/mo5wlNCB4c
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31 Aug 14 19:10:10
Aust giants $RIO + $BHP well placed as iron ore price plunge breaks high cost global competitors http://t.co/U2rt0iZsq7 $VALE #commods
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31 Aug 14 19:07:44
$BHP: BHP Billiton Reports Strong Financial Results http://t.co/dkGbFhjBFO http://t.co/HqrtyW96b9
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31 Aug 14 18:07:37
$BHP: BHP Billiton Limited Stock Rating Upgraded by S&P Equity Research (BHP) http://t.co/1ztNi0OQRk http://t.co/sajYJdJURZ
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31 Aug 14 17:31:56
$BHP AUS opened 36.81 + 0.38% Projecting $DAX MON UP open. 1st TARGET $DAX + 0.30% or 9498
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31 Aug 14 08:56:43
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31 Aug 14 07:40:15
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31 Aug 14 07:10:45
Los Azules in San Juan, one of the largest undeveloped #copper deposits in the world http://t.co/Py8wbzrUXA $ABX $MUX $GDX $FCX $RIO $BHP
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30 Aug 14 12:06:23
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30 Aug 14 08:57:53
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30 Aug 14 08:57:43
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30 Aug 14 05:21:20
RT @kirillklip: Commented on: "First Quantum Is Headed For First Place In Copper Production" http://t.co/HNtPgsfviz $FQVLF $ABX $BHP $RIO
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30 Aug 14 05:19:13
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29 Aug 14 20:06:38
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29 Aug 14 18:32:46
RT @LobanovaNatalie: TNR #Gold Los Azules #Copper @mining: Busy times ahead: global mining deals on their way up http://t.co/7wvV3ihXrO #mi…
Sufiy
29 Aug 14 18:13:29
RT @LobanovaNatalie: TNR #Gold Los Azules #Copper @mining: Busy times ahead: global mining deals on their way up http://t.co/7wvV3ihXrO #mi…
Kirill Klip
29 Aug 14 15:28:08
RT @LobanovaNatalie: TNR #Gold Los Azules #Copper @mining: Busy times ahead: global mining deals on their way up http://t.co/7wvV3ihXrO #mi…
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29 Aug 14 10:46:22
RT @TweetsMillenia: #Ironore prices hit lowest since October 2009 http://t.co/yxI1FyJUow $SID, $VALE, $CLF, $RIO, $BHP. Despite very low pr…
Natalie Lobanova
29 Aug 14 10:33:13
RT @ILCtsxv: Los Azules in San Juan, one of the largest undeveloped #copper deposits in the world http://t.co/3aBKxA6Xsz $ABX $MUX $GDX $F…
Natalie Lobanova
29 Aug 14 10:32:59
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Natalie Lobanova
29 Aug 14 10:31:12
RT @kirillklip: Los Azules in San Juan, one of the largest undeveloped #copper deposits in the world http://t.co/RzfmcwARiF $ABX $MUX $GDX…
Mark Yusko
29 Aug 14 10:25:33
RT @TweetsMillenia: #Ironore prices hit lowest since October 2009 http://t.co/yxI1FyJUow $SID, $VALE, $CLF, $RIO, $BHP. Despite very low pr…
Millenia Panama
29 Aug 14 10:07:44
#Ironore prices hit lowest since October 2009 http://t.co/yxI1FyJUow $SID, $VALE, $CLF, $RIO, $BHP. Despite very low prices avoid for now
Kirill Klip
29 Aug 14 10:03:40
RT @TNR_Gold: TNR #Gold Los Azules #Copper @mining: Busy times ahead: global mining deals on their way up http://t.co/DRKsXGqnw9 #mining $A…
Kirill Klip
29 Aug 14 10:03:37
RT @TNR_Gold: TNR #Gold Los Azules #Copper .@mining: Busy times ahead: global #mining deals on their way up http://t.co/DRKsXGqnw9 #mining …
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29 Aug 14 09:55:44
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Sufiy
29 Aug 14 09:55:40
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29 Aug 14 09:52:46
RT @kirillklip: TNR #Gold Los Azules #Copper: Acquisitions signal a turning market for #miners. $MUX $ABX $GDX $BHP $FCX http://t.co/DgWORh…
Sufiy
29 Aug 14 09:51:59
RT @kirillklip: TNR #Gold Los Azules #Copper @mining: Busy times ahead: global mining deals on their way up http://t.co/26sjuLe4Vc #mining …
				
				
By  +Follow August 23, 2013 11:10AM
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