Copper, close to lowest since July 2010
March 12, 2014 8:43 amVideo
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Copper traded closer to the lowest point in 44 months with surging volume, as investors evaluated hints of dwindling demand in China, the largest metal user.
The contract for delivery in three months on the London Metal Exchange was slightly changed at $6,480 per metric ton at 11:30 a.m. in Tokyo following it rose 0.4% and decreased 1% to $6,411, the lowest intraday point since July 2010. Futures in Shanghai slid on the fifth day to the least since July 2009.
Chinese exports tumbled the most this month, since 2009, data showed over the weekend, igniting concern the demand for industrial metals is slowing down. Copper’s 14-day relative-strength gauge was below 30 since March 7, a level that proposes to some technical analysts the price may be positioned to retreat. The metal went down 12% this year, the worst performer among the six major base metals listed on the said exchange.
The contract for delivery in May on the Comex in New York was somewhat changed at $2.949 per pound. Trading volume was 196% more than the average for the last 100 days for this time of the day, based on the data collated by a Bloomberg show. Copper to be delivered in June on the Shanghai Futures Exchange erased 5.4%, the daily maximum allowed, to 43,690 yuan (or $7,113) per ton before settling at 44,300 yuan. Trading in futures contracts in the hour surpassed yesterday’s total volume of 1.5 million contracts.
On the LME, aluminum, zinc, and lead advanced but nickel and tin plunged.
The material has been provided by InstaForex Company – www.instaforex.com
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