Frbiz.com Reported Shanghai Copper May Rally After Imports Surge
Copper markets may rally on Monday, putting aside weakness in the previous session
to gain following stronger-than-expected Chinese imports data released on Sunday.
China's unwrought copper imports jumped by more than a quarter in December, reaching 369,368 tonnes after the previous month's 290,158 tonnes, Customs data showed on Sunday.
Expectations had been for imports of around 320,000 tonnes.
FUNDAMENTALS
Three-month copper on the London Metal Exchange MCU3 fell $70 to close Friday at $7,465 a tonne, but recovered to $7,510 in after-hours trading.
When Shanghai closed on Friday, LME copper stood at $7,498 a tonne.
Chinese monetary policy concerns and weaker-than-expected U.S. payrolls data tarnished copper's appeal late last week , along with easing supply threats, but the import number, likely driven by the opening of an arbitrage window in mid-December, may add to confidence.
That confidence may also overcome selling in last year's stronger performers including copper, by investors trying to balance portfolios during index re-weighting this week.
MARKET NEWS
World stocks teetered near 15-month highs and the U.S. dollar fell on Friday after the soft U.S. employment data tempered expectations for a global economic recovery.
U.S. employers unexpectedly cut 85,000 jobs in December, keeping the unemployment rate at 10 percent and cooling optimism over the labour market [ID:nN0747110]. But the Labor Department also said November payrolls were revised to show the economy added 4,000 jobs, compared with the 11,000 loss first reported.
The Dow Jones Industrial Average .DJI rose 11.33 points, or 0.11 percent, to 10,618.19, and the Standard & Poor's 500 Index .SPX edged higher by 3.29 points, or 0.29 percent, to 1,144.98. The pan-European FTSEurofirst 300 index gained 0.46 percent to 1,065.03.
The dollar weakened on Friday, down 0.3 percent versus the euro EUR=, while gold XAU= rose 1.4 percent and oil CLc1 rallied almost 1 percent early on Monday.
by: Frbiz
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