SINGAPORE, April 4 (Reuters) – London copper slipped to its
lowest in eight months on Thursday after weak jobs data sparked
worries a U.S. labour market recovery may not prove sustained,
hurting demand expectations for metals in a thin market with
China out for a two-day break.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange
fell to its lowest since August 3 at $7,356.25 a tonne before
paring loses to $7,369 a tonne by 0130 GMT, still down 0.24
percent and extending losses from the previous session.
* The Shanghai Futures Exchange is shut Thursday and Friday.
* North Korea has moved what appears to be a mid-range
Musudan missile to its east coast, South Korea’s Yonhap news
agency said on Thursday, quoting multiple government sources
privy to intelligence from U.S. and South Korean authorities.
* Sterlite Industries Ltd has halted deliveries of
copper from India’s largest smelter after it shut down last week
due to complaints over emissions, a move that could tighten
local supplies and force imports.
* For the top stories in metals and other news, click
, or
MARKETS NEWS
* Asian stocks eased on Thursday after weak data stoked
concerns the key American jobs report due later in the week will
signal slowing U.S. growth, while the yen remained firm ahead of
the Bank of Japan’s policy decision this session.
* The yen held near one-month highs against the dollar early
in Asia on Thursday, with investors adopting a cautious stance
as they waited to see just how aggressive the Bank of Japan will
be in tackling deflation.
DATA/EVENTS (GMT)
0200 Bank of Japan rate decision
0743 Italy Markit/ADACI Services PMI
0748 France Markit Services PMI
0753 Germany Markit Services PMI
0758 Euro zone Markit Services PMI
0900 Euro zone Producer prices
1145 European Central Bank rate decision
1230 ECB President Mario Draghi holds news conference
1230 U.S. Weekly jobless claims
1430 Federal Reserve Chairman Ben Bernanke speaks
PRICES
Base metals prices at 0130 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7369.00 -17.50 -0.24 -7.06
SHFE CU FUT JUL3 54060 -210 -0.39 -6.28
HG COPPER MAY3 332.50 -0.80 -0.24 -8.97
LME Alum 1870.50 -1.00 -0.05 -9.68
SHFE AL FUT JUL3 14580 -40 -0.27 -4.99
LME Zinc 1855.75 -1.25 -0.07 -10.07
SHFE ZN FUT JUL3 14555 -990 -6.37 -6.37
LME Nickel 16050.00 -55.00 -0.34 -6.44
LME Lead 2044.75 -5.25 -0.26 -12.62
SHFE PB FUT 14350.00 -115.00 -0.80 -5.90
LME Tin 22700.00 0.00 +0.00 -2.99
LME/Shanghai arb^ -607
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
(Reporting by Melanie Burton; Editing by Ed Davies)
