Thursday, July 3, 2014

METALS-LME copper hits highest in over 4 months on fund buying

METALS-LME copper hits highest in over 4 months on fund buying
London copper marked its highest in over four months and LME zinc touched a three-year peak on Thursday, with second-half fund allocations pouring into the sector as the demand outlook brightens.
* Three-month copper on the London Metal Exchange had edged up 0.1 percent to $7,131 a tonne by 0121 GMT, earlier hitting a fresh 4-1/2-year month peak of $7,145 and adding to a 1.4 percent advance from the previous session.
* The most-traded September copper contract on the Shanghai Futures Exchange climbed 1.8 percent to 51,110 yuan a tonne, having earlier hit a five-month high.
* ShFE zinc roared up 3 percent, tracking gains in London, after LME zinc hit its highest in nearly three years, propelled by expectations of a supply deficit and momentum based buying after clearing a key hurdle on charts.
* U.S. private-sector hiring hit a 1-1/2-year high in June, reinforcing views that momentum was building to carry the economy through the rest of the year after a dismal start.
* China's Premier Li Keqiang said on Wednesday downward pressure still existed in its economy despite it operating within a reasonable range and some leading indicators demonstrating a positive trend.

* Manufacturing activity in the United States and in Asia's industrial powerhouses China and Japan expanded further in June, but euro zone growth faltered as main motor Germany slowed.
* Asian stocks hovered at a three-year high and the dollar rose early on Thursday after robust jobs data fuelled hopes that the U.S. nonfarm payrolls report would point to momentum building in the economy.
0100 China Official non-manufacturing PMI June
0145 China HSBC services PMI June 

No comments:

Post a Comment