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SHFE copper up 0.1% week-on-week

February 03, 2012 - 10:59 GMT

Shanghai Futures Exchange copper prices inched up just 0.1% on Thursday, with Chinese demand yet to pick up from the holiday lull.

SHFE April copper settled at 59,860 yuan ($9,501) per tonne, up 50 yuan from last session. “China’s actual consumption hasn’t really started, while overseas copper prices have risen a lot. In other words, the current price level may be a bit high and we may see some correction,” a Shanghai analyst said....

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Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
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BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.