Thought a place for metals news might be useful:

METALS-Copper slips, demand uncertainty dominates mood
Wed Oct 7, 2009 3:01pm EDT
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* Copper stocks rise again; highest since May * Investors eye mining labor talks * Analysts expect further support from dollar weakness
(Adds NEW YORK to dateline, recasts, adds New York closing copper
prices and analyst comments) By Chris Kelly and Rebekah Curtis NEW YORK/LONDON, Oct 7 (Reuters) - Copper ended down a shade
on Wednesday in thin and volatile trade during Chinese holidays,
with rising stocks fueling uncertainty over demand against a
fragile economic background. Copper for December delivery HGZ9 on the New York Mercantile
Exchange's COMEX division eased 0.50 cent to settle at $2.7795 a
lb, after dealing in a session range between $2.7510 and $2.8040. On the London Metal Exchange (LME), copper for three-month
delivery MCU3 fell $21 to close at $6,095 a tonne. Prices of the metal used in power and construction have
doubled this year, driven by improving economic data, investor
flows and Chinese stockpiling. But sentiment has turned fragile in recent months as buying by
China, the world's top copper consumer, has tailed off and demand
from other world economies hampered by slowdown has yet to pick up
the slack. "There's been no effective economic growth caused by the
stimulus in the West," said John Meyer, analyst at Fairfax
investment bank. "We haven't seen any major infrastructure projects," he added.
"The only positive stimulus we've really seen is in China and
nearby regions." Trade was thin and volatile due a run of holidays in China
where markets shut on Oct. 1 for the National Day and Autumn
Festival holidays and only reopen on Friday. Additionally, nervousness in front of third-quarter earnings
results from aluminum producer Alcoa (AA.N) added to the lighter
conditions. "There is some nervousness out there in front of that number
that is keeping people a little bit to the sidelines today," said
Sterling Smith, an analyst for Country Hedging Inc in St. Paul,
Minnesota. "If Alcoa were to beat expectations, or up their guidance, or
preferably both, I think that will be very bullish for copper, and
for the industrial metals in general. I think you've got a lot of
hands being kind of quiet today ahead of it." A recent bout of more encouraging economic data has helped
underpin prices, including data showing German manufacturing
orders rose slightly more than expected in August on a boost from
foreign demand. [ID:nL7400974] STOCKS RISING Underlining demand concerns, LME copper stocks, which have
climbed since mid-July, rose 725 tonnes to 347,150 tonnes -- their
highest since May 2009. But recent dollar weakness is expected to support industrial
metals as a lower U.S. currency makes dollar-priced commodities
cheaper for holders of other currencies. And despite the dollar broadly firming on Wednesday, some
analysts see the currency falling further. [USD/] "If the dollar remains under pressure then the base metals
complex will continue to be supported and short players will
reduce risk," RBC Capital Markets said in a note. In the background, labor talks are being watched closely.
Chilean workers at Spence copper mine were in contract
negotiations with owner BHP Billiton (BLT.L)(BHP.AX).
[ID:nN06449937] "There are a number of potential supply issues hanging over
the market," said Gayle Berry, an analyst at Barclays Capital.
"That's offering a little bit of support." Aluminum MAL3 ended at $1,845 from $1,822. Zinc MZN3
closed at $1,935 a tonne from $1,921 and battery material lead
MPB3 at $2,155 from $2,150. Steel-making ingredient nickel MNI3 closed at $18,600 from
$18,130 and tin MSN3 at $14,700 from $14,675. Latest LME data showed that a dominant position still holds
more than 90 percent of tin stock warrants and cash contracts. The premium for cash material over the three-month future has
fallen to $430 a tonne from $695 a tonne last week on talk that
the position could be scaled back. [ID:nLN605546]
Metal Prices at 1842 GMT
Metal Last Change Pct Move End 2008 Ytd Pct move
COMEX Cu 276.75 -0.80 -0.29 139.50 98.39
LME Alum 1835.00 13.00 +0.71 1535.00 19.54
LME Cu 6090.00 -26.00 -0.43 3060.00 99.02
LME Lead 2146.00 -4.00 -0.19 999.00 114.81
LME Nickel 18600.00 470.00 +2.59 11700.00 58.97
LME Tin 14680.00 85.00 +0.58 10700.00 37.20
LME Zinc 1940.00 19.00 +0.99 1208.00 60.60
SHFE Alu 14835.00 130.00 +0.88 11540.00 28.55
SHFE Cu* 48190.00 1720.00 +3.70 23840.00 102.14
SHFE Zin 15330.00 240.00 +1.59 10120.00 51.48
** 1st contract month for COMEX copper * 3rd contract month for
SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07
(Additional reporting by Michael Taylor and Pratima Desai in
London; Editing by Keiron Henderson and Christian Wiessner)

Commodity charts link

Stocks, Copper, Oil Fall on Greek Debt Risk, U.S. Economic Data
By Nick Baker

Feb. 25 (Bloomberg) -- Stocks and commodities fell and the euro weakened as Moodys Investors Service said it may cut Greeces rating and U.S. employment and durable-goods orders missed forecasts. German two-year yields fell to a record low.

The Standard & Poors 500 Index dropped 1.4 percent at 11:13 a.m. in New York for the biggest loss in three weeks. The MSCI World Index of shares in 23 developed nations slumped 1.5 percent. Copper and oil retreated in New York. The euro weakened against the yen, which strengthened against the 16 most-traded currencies. The yield premium on Greek 10-year bonds versus German debt widened to the most since Feb. 8.

The warning from Moodys, a day after S&Ps statement that it may downgrade Greek debt, rattled investors who drove the euro down more than 8 percent against the yen in 2010 on concern Greeces fiscal woes may spread through Europe. Federal Reserve Chairman Ben S. Bernanke testifies to Congress today after saying yesterday that the U.S. economy is in a nascent recovery and requires low interest rates to stoke demand.

Signs of discomfort with sovereign debt are surfacing, with investors putting upward pressure on interest rates in developed nations in Europe, Tony Crescenzi, a strategist and fund manager at Pacific Investment Management Co. in Newport Beach, California, wrote in a research note.

Default Risk

The cost of insuring against default on Greek government debt rose for a fourth day on concern ratings downgrades will cut the nations access to European Central Bank funding. Credit-default swaps on Greece jumped 10 basis points to 394, the highest in more than two weeks, according to CMA DataVision prices at 2:45 p.m. in London.

The premium that investors demand to hold Greek 10-year bonds over German debt widened 14 basis points to 353 basis points, quadruple the average over the past five years.

Greece has to repay more than 20 billion euros ($27 billion) of maturing bonds and bills by the end of May, according to data compiled by Bloomberg. A Moodys downgrade may make it harder for the nations banks to fund themselves by making Greek government debt ineligible as collateral for European Central Bank loans.

The U.S. Labor Department said initial jobless applications rose by 22,000 to 496,000 in the week ended Feb. 20, the highest level in three months. Economists forecast a decline to 460,000, according to the median estimate in a Bloomberg survey. In a separate report, the Commerce Department said orders for U.S. durable goods excluding transportation equipment fell 0.6 percent in January, the most since August and compared with the median economist projection for a 1 percent increase.

Caterpillar, UPS

General Electric Co., Caterpillar Inc. and United Parcel Service Inc. led declines in U.S. industrial companies, while Alcoa Inc. and Exxon Mobil Corp. retreated with commodity prices. Coca-Cola Co., the worlds largest soda maker, lost 3.4 percent after agreeing to buy Coca-Cola Enterprises Inc.s North American bottling division. GameStop Corp. lost 8 percent after its chief financial officer quit to join Wal-Mart Stores Inc.

Europes Dow Jones Stoxx 600 Index fell 1.6 percent. Tenaris SA led declines in basic-resource shares, losing 11 percent in Italy. British American Tobacco Plc, Europes second- largest cigarette maker, dropped 2.4 percent after reporting net income that missed forecasts.

Copper futures slipped 1.6 percent in New York, while crude oil slumped 2.5 percent.

One-Year High

The yen climbed to a one-year high against the euro as concern Greeces credit ratings may be downgraded spurred investors to unwind positions in riskier assets. The yen appreciated 1.7 percent to 120.11 per euro from 122.03 yen yesterday. It touched 119.76, the first time the currency has fallen below the 120 yen level since Feb. 24, 2009.

Turkish stocks fell, heading for the biggest weekly loss since November 2008, after talks between the army and government today failed to ease political tensions over an alleged coup plot. The main ISE National 100 index lost 1.9 percent after gaining 2 percent earlier. The lira lost 1 percent.

Investors are betting political turmoil will weaken Turkeys lira more than any other currency as the arrest about 50 army officers over an alleged coup plot raises tension between the government and the military. One-month put options that grant the right to sell the lira against the dollar have surged to a 3.4 percentage-point premium over equivalent call options to buy the currency. The gap, known as the risk-reversal rate, widened from 2.25 percentage points a week ago and is the highest of 48 currencies on Bloomberg.

METALS-Copper buckles under dollar strength, China worries
Fri Mar 19, 2010 3:24pm
* LME copper stocks down nearly 30,000 T since March 1

* Nickel stocks at lowest since late December


By Marcy Nicholson and Pratima Desai

NEW YORK/LONDON, March 19 (Reuters) - Copper came under pressure on Friday as the dollar rose and investors worried about demand from China, the world's largest consumer of industrial metals.

Copper for May delivery HGK0 on the New York Mercantile Exchange's COMEX division reversed down 2.30 cents to close at $3.3725 per lb, moving from $3.3640 to $3.4110.

Benchmark copper CMCU3 on the London Metal Exchange ended at $7,435 a tonne from $7,486 at the close on Thursday. The metal used in power and construction is up about 20 percent since early February.

The euro fell and was headed for its worst week since January as traders fretted whether Greece will secure euro-zone aid to tackle its debt crisis, while worries about Britain's economy hit sterling. [USD/]

A major risk for industrial metals is the extent and timing of fiscal tightening in China, which is said to account for more than 30 percent of global copper demand -- estimated this year at above 18 million tonnes.

For the next leg up, we do need concerns about China to be alleviated," said Max Layton, analyst at Macquarie.

"For people taking a longer term view there will be opportunities to start accumulating on any dips triggered by macroeconomic weakness."

"Copper is developing a very clearly defined line of overhead resistance, comes in right around the $3.4250 area," said Sterling Smith, analyst for brokers Country Hedging Inc in Minnesota, referring to the May contract trading on NYMEX.

"With the strong dollar today, copper did find a little bit of selling pressure."

Analysts say the copper market is looking at signs of stronger economic growth in the United States, the world's largest economy, and translating that into increased demand for industrial metals.

"There is more confidence that the economy is going to recover, so demand will outweigh supply," said Eugen Weinberg, commodities analyst at Commerzbank.

STAINLESS IMPROVEMENT

Stocks of copper in London Metal Exchange warehouses also helped boost the metal. They have fallen about 30,000 tonnes since March 1 to 522,975 -- the lowest since the middle of January.

"We continue to expect the market to retest all-time highs at some stage this year," VTB Capital said in a note.

Three-month nickel CMNI3 hit $22,900 a tonne, the highest since March 4. It ended at $22,450 a tonne compared with $22,760 at the close on Thursday.

Stocks of nickel in LME warehouses are down 8,724 tonnes since early February to 157,752 tonnes, a level last seen at the end of last year. Stainless steel mills account for about two-thirds of global nickel demand.

"This shift in inventory dynamic was a clear signal that the nickel market was in deficit," Barclays Capital said in a note. "Decline in stocks has been accompanied by reports of improving production levels in the global stainless steel sector."

Consultants Brook Hunt told Reuters in an interview on Thursday that the nickel market this year could see a 10,000 tonne deficit. The nickel market this year is estimated at around 1.4 million tonnes. [ID:ID:nLDE62H12Q]

Industry consultants CRU Group expects the nickel market to see a deficit for the first time in four years. [ID:nLDE62H1BU]

Steel material zinc CMZN3 ended at $2,295 a tonne from $2,333, battery material lead CMPB3 at $2,200 a tonne $2,245 and aluminium CMAL3 at $2,258 a tonne from $2,276.

Tin CMSN3 closed at $17,650 a tonne from Thursday's last bid at $17,790.

Midday Gold price 10.94$/oz

Stephen Bernard, AP Business Writer, On Wednesday May 12, 2010, 5:20 pm
NEW YORK (AP) -- The price of gold reached a record high Wednesday as investors uneasy about the euro put their money and their trust into the metal.

Gold for June delivery jumped as high as $1,249.20 an ounce, nearly $22 above the previous record of $1,227.50 set Dec. 3. It later settled at $1,243.10, up $22.80 from Tuesday's close.

The gold rally is a sign that investors aren't completely convinced that weak European countries will be able to control their rising debts through cost-cutting. The doubts are persisting even though European leaders agreed earlier this week to a nearly $1 trillion bailout to support countries including Greece that are struggling to pay their debts.

The uncertainty has driven investors away from the euro, which is used by 16 European countries, and toward safer investments like gold. Analysts said the potential for other countries to be overwhelmed by debt has investors rethinking how much money they want to put into currencies in general.

"Clearly, gold has become the only reserve currency not backed by debt," said James DiGeorgia, publisher of GoldandEnergyAdvisor.com. DiGeorgia said gold could climb as high as $1,500 an ounce this year.

Gold tends to rise when investors are uneasy about risky investments, and so gold often gains as stocks fall. However, stocks continued to recover from last week's big drop, and that's a further sign that investors' unhappiness right now is with the euro. After a rally early Wednesday, the euro fell back against the dollar and is now hovering near 14-month lows.

The uneasiness with the euro has investors looking into the future rather than concentrating on short-term trades. George Gero, vice president at RBC Global Futures, said there are increasing signs of long-term investor interest in gold, including already strong trading volume for December gold futures.

Silver has also benefited from investors' search for safety. July silver touched a record high of $19.735 an ounce early in the day. It rose 36.9 cents to settle at $19.663 an ounce.

July platinum rose $46.50, or 2.7 percent to settle at $1,747.30 an ounce, while June palladium rose $15.25, or 2.9 percent, to $547.45 an ounce. Both metals have been rising lately on signs of economic strength in the U.S. and abroad. They are used in manufacturing, particularly by automakers.

Oil was one of the few commodities to drop Wednesday.

Benchmark crude for June delivery lost 72 cents to settle at $75.65 a barrel on the New York Mercantile Exchange after the International Energy Agency cut its 2010 forecast for global demand in its latest monthly report.

Other energy contracts rose. June heating oil climbed 1.90 cents to settle at $2.1591 a gallon, and gasoline rose 1.52 cents to settle at $2.2104 a gallon. Natural gas gained 15.3 cents to settle at $4.284 per 1,000 cubic feet.

Grain and bean prices were mixed. Wheat dropped 1.75 cents to $4.915 a bushel, while corn rose 1.25 cents to $3.7825 a bushel. Soybeans fell half a cent to $9.655 a bushel.

NEW YORK Palladium and platinum prices fell sharply Wednesday as traders pulled out of the volatile contracts to raise cash as new trading curbs went into effect in Europe.

Palladium tumbled 9 percent and platinum 5 percent after Germany introduced strict restrictions on certain kinds of bearish bets on European debt and stocks.
Investors who had to exit those positions felt they could raise the money to cover those positions by selling palladium and platinum contracts.
So while the restrictions don't specifically curb trading in commodities themselves, they did negatively affect the market.
Palladium for June delivery sank $47.30, or 9.3 percent, to $459.70 an ounce. Platinum for July delivery tumbled $84.80, or 5 percent, to $1,605.70 an ounce.
June gold fell $21.50 to $1,193.10 an ounce, while silver for July delivery fell 76.4 cents to $18.115 an ounce. July copper fell 7.15 cents to $2.9595 a pound.
Benchmark crude for June delivery rose 46 cents to $69.87 a barrel during a volatile day on the New York Mercantile Exchange. It had dropped as low as $67.90, the lowest level since Sept. 30. The July contract fell 22 cents to $72.48 a barrel.
In June contracts, heating oil fell 1.63 cents to $1.9452 a gallon, and gasoline futures dropped 2.79 cents to $2.0152 a gallon. Natural gas fell 18.4 cents to settle at $4.158 per 1,000 cubic feet.
Wheat for July delivery rose 1.5 cent to $4.6925 a bushel;corn fell half a cent to $3.5925 a bushel. Soybeans fell 1 cent to $9.385 a bushel.

By Chris Kelly NEW YORK, July 16 (Reuters) - Copper fell to its lowest level
in about two weeks on Friday after a double-dose of data from the
United States raised fears of a double-dip recession in the
world's largest economy. "The problem I see with copper is right here in the United
States and in Europe," said Sterling Smith, an analyst for Country
Hedging Inc in St. Paul, Minnesota. "We have had a plethora of bad data over the last 10 days, or
so .... I am growing more of the opinion that if we are not
already in the midst of the double-dip, we are on the precipice,"
he said. Copper for September delivery HGU0 on the COMEX metals
division of the New York Mercantile Exchange plunged 8.25 cents,
or 2.7 percent, to finish at $2.9295 per lb, its lowest level on a
settlement basis since July 2. On the London Metal Exchange, benchmark copper CMCU3 shed
$195 to end at $6,485 per tonne. In after hours business, selling
momentum dragged it down further to $6,477 per tonne, a low dating
back to July 6. The metal used in power and construction has ranged between
$6,300 and $6,900 since the middle of June. Economic sentiment, already fragile from worse-than-expected
manufacturing data and dovish U.S. Federal Reserve minutes this
week, took another hit from data Friday showing U.S. consumer
prices fell for a third straight month in June and consumer
sentiment crumble in early July to its lowest level in 11 months.
[ID:nN1653074] "I think we have a situation here where copper, which is a
good leading indicator of the economy, is telling us that things
are not happy and not good," Country Hedging's Smith said. He added the market was still digesting Thursday figures from
top-consumer China, showing its annual gross domestic product
growth moderated to 10.3 percent from 11.9 percent in the first
quarter. [ID:nTOE66D06L] DEMAND SCEPTICISM The euro EUR= pulled back from a two-month high versus a
broadly weaker dollar, while the dollar index .DXY erased
earlier losses and moved into positive territory later in the
session. [USD/] Despite its usual tendency to boost dollar-denominated assets
when under selling pressure, the dollar's earlier weakness did
little to stem market declines. "You can see in other times when you'd have the same magnitude
of a euro rally, it would have had much more of an impact ... we
are just not seeing the speculative demand push into the market,"
one COMEX trader said. "There is questionable economic conditions, and traders are
looking at these markets with some scepticism on the demand side,"
he said. Three-month aluminum CMAL3 was last bid at $1,978/$1,979 a
tonne from $2,018 at the close on Thursday. Zinc CMZN3 slipped
$13 to end at $1,797, tin CMSN3 sank $200 to $17,750, and lead
CMBP3 ended $1,770 a tonne from Thursday's last bid at $1,798. Nickel CMNI3 shed $450 to finish at $18,950 per tonne.