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Price of Copper Rockets in European Market

21 October, 2012 at 6:52 am in Buy & Sell

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The recent drop in copper prices has attracted some bargain-hunting in China, but merchants are only buying on a hand-to-mouth basis and spot demand has only improved slightly from May. Analysts said Chinese demand is expected to lift only in August when downstream industries begin to see stronger order books as the effect of Beijing’s infrastructure spending starts to kick in. Markets took a bearish turn on Wednesday after data showed U.S. retail sales fell for a second straight month in May and wholesale prices dropped by the most in three years. This added to a raft of other indicators, including employment and manufacturing, which have highlighted a slowdown in the country’s economic recovery.

Meanwhile, in the troubled euro zone, credit ratings agency Moody’s Investors Service cut its rating on Spanish government debt on Wednesday by three notches to Baa3 from A3, saying the newly approved euro zone plan to help Spain’s banks would increase the country’s debt burden.

Many believe that Italy would be the next in line for a bailout should Spain have to ask for one. But the country’s technocrat Prime Minister Mario Monti appealed to politicians on Wednesday to back his tough economic medicine to avoid Rome becoming the next victim of the euro debt crisis.

The most-active September copper stone crusher contract on the Shanghai Futures Exchange gained 0.6 percent to 54,370 yuan ($8,500) a tone. ‘The market is pretty divided today. Some fresh longs came in on anticipation that the Chinese government’s recent spending policies would spur copper demand soon. Some of these people are also betting on Greece not exiting the euro zone,’ said Orient Futures derivatives director Andy Du. ‘But there are also short-coverers today who have exited the market just in case more bad news on the global economy pushes prices down.’ teeth roll crusher: http://www.hxjq-mill.com/news/roll_crusher.html
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Copper prices rise with hopes of improved demand from recent stimulus programmes introduced by top metals consumer China outweighing concerns about euro zone debt and sluggish U.S. growth. But gains were capped as investors awaited the results of an Italian debt auction and U.S. jobs data later on Thursday, while Greece goes to the polls on Sunday in a vote that could determine whether the country stays in the euro zone. Poor demand at Italy’s up to 4.5 billion euro ($5.66 billion) bond sale would exacerbate concerns that Europe’s financial crisis is spiraling out of control and could spark a stampede out of riskier assets. Three-month copper on the London Metal Exchange had risen 0.7 percent to $7,440 a tonne by 0407 GMT.

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