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METALS-Copper extends gains after Fed, upbeat data
March 14, 2012 / 1:31 AM / 6 years ago

METALS-Copper extends gains after Fed, upbeat data

SINGAPORE, March 14 (Reuters) - London copper edged up
on Wednesday, extending gains from the previous session after
the U.S. Federal Reserve acknowledged signs of economic recovery
but stopped short of signaling further easing, while upbeat U.S.
and German data lent support.	
    
    FUNDAMENTALS	
    * Three-month copper on the London Metal Exchange 
inched up 0.2 percent to $8,576.50 a tonne by 0104 GMT, building
on the 1.3-percent rise in the previous session.	
    * The most-traded June copper contract on the Shanghai
Futures Exchange gained half a percent to 61,360 yuan
($9,700)a tonne.	
    * The U.S. Federal Reserve on Tuesday provided few clues on
the prospects for further monetary easing, offering just a
slight upgrade to its economic outlook while restating concerns
about the high level of unemployment. 	
    * In the latest sign of economic recovery, U.S. retail sales
posted their largest gain in five months in February, with
Americans feeling confident enough to buy more cars and other
goods even as they paid more for gasoline. 	
    * In Europe, German analyst and investor sentiment jumped in
March to its highest level since June 2010, driving European
equities to session highs and confirming hopes that Europe's
largest economy has recovered from a weak patch. 	
    * Heavy rains in Chile's mineral-rich north have cut off
roads at No. 3 copper mine Collahuasi  and Cerro
Colorado but operations have been little affected,
worker and company sources said on Tuesday morning.
 	
    * For the top stories in metals and other news, click      
, or     
        
    MARKETS NEWS    	
    * The U.S. stock market posted its best day this year, with
Tuesday's late spark coming from JPMorgan Chase & Co after the
bank announced it will raise its dividend. 	
    * The dollar was broadly firmer early in Asia on Wednesday,
having hit a seven-week high against a basket of major
currencies as prospects for further easing by the Federal
Reserve faded in the wake of more upbeat U.S. data. 
        
    DATA/EVENTS    	
 0430  Japan     Industrial output rev    Jan                      
 1000  EZ        Industrial production yy Jan                      
 1000  EZ        Inflation, final yy      Feb                      
 1130  U.S.      Import prices mm         Feb                      
 1130  U.S.      Current account          Oct                          
    
   PRICES    	
   Base metals prices at 0104 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8576.50     16.50     +0.19     12.85
  SHFE CU FUT JUN2    61360       320     +0.52     10.84
  HG COPPER MAY2     390.15     -0.10     -0.03     13.55
  LME Alum          2256.00     -2.00     -0.09     11.68
  SHFE AL FUT JUN2    16340        30     +0.18      3.12
  LME Zinc          2112.25      2.25     +0.11     14.49
  SHFE ZN FUT JUN2    16140        90     +0.56      9.09
  LME Nickel       19450.00      0.00     +0.00      3.96
  LME Lead          2154.00      0.00     +0.00      5.85
  SHFE PB FUT          0.00 -16055.00   -100.00   -100.00
  LME Tin          24250.00      0.00     +0.00     26.30
  LME/Shanghai arb^    2378
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 	
($1 = 6.3270 Chinese yuan)	
	
 (Reporting by Rujun Shen; Editing by Himani Sarkar)

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