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METALS-Copper gains for 2nd day as Greece default woes ease
March 20, 2012 / 1:47 AM / 6 years ago

METALS-Copper gains for 2nd day as Greece default woes ease

By Melanie Burton	
    SINGAPORE, March 20 (Reuters) - London copper edged higher
for a second straight session on Tuesday after an orderly
auction of Greek default insurance eased concerns about Greece's
threat to the euro zone and eroded safe-haven support for the
dollar. 	
        
    FUNDAMENTALS	
    * Three-month copper on the London Metal Exchange 
rose $6.50 to $8,576.50 per tonne by 0127 GMT.	
    * The most-traded June copper contract on the Shanghai
Futures Exchange gained 0.6 percent to 60,660 yuan
($9,600) per tonne.	
    * Australia's parliament passed laws for a new 30 percent
tax on iron ore and coal mine profits on Monday after a bruising
two-year battle with mining companies, in a major victory for
Prime Minister Julia Gillard and her struggling minority
government. 	
    * Venezuela's state-run aluminium producer Alcasa will use a
$403 million loan from China to prop up its operations, which
would allow the company to resume exports to several Latin
American countries, Alcasa's president said on Monday.  	
    * For the top stories in metals and other news, click       	
, or     
        
    MARKETS NEWS    	
    * The dollar fell on Tuesday as easing fears about the
threat posed to the euro zone by Greece diminished the U.S.
currency's safe-haven appeal, while Asian shares crept higher
following a rally on Wall Street.  	
    
    DATA/EVENTS    
    0700 - German Producer Price Index For February    	
    1230 - U.S. Housing Starts/Building Permits For February    
   	
    1400 - U.S. Treasury Secretary Geithner Testifies	
    1645 - U.S. Federal Reserve Chairman Bernanke Gives Lecture 	
        	
  Base metals prices at 0127 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8576.50      6.50     +0.08     12.85
  SHFE CU FUT JUN2    60660       360     +0.60      9.57
  HG COPPER MAY2     390.40     -0.50     -0.13     13.62
  LME Alum          2277.75      2.75     +0.12     12.76
  SHFE AL FUT JUN2    16295        20     +0.12      2.84
  LME Zinc          2082.00      3.00     +0.14     12.85
  SHFE ZN FUT JUN2    15930        55     +0.35      7.67
  LME Nickel       19050.00      0.00     +0.00      1.82
  LME Lead          2105.00     -3.00     -0.14      3.44
  SHFE PB FUT      15885.00     20.00     +0.13      3.93
  LME Tin          23595.00      0.00     +0.00     22.89
  LME/Shanghai arb^    2773
 
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
   
($1 = 6.3233 Chinese yuan)	
	
 (Reporting by Melanie Burton; Editing by Chris Lewis)

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