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Shanghai copper up 1% after sharp afternoon climb

February 08, 2012 - 07:17 GMT Location: Shanghai

KEYWORDS: SHFE , copper , aluminium , lead , zinc

Shanghai Futures Exchange copper prices settled 1% higher on Wednesday as the metal climbed sharply in the afternoon session, tracking the rise in Chinese equities.

SHFE May copper settled at 61,110 yuan ($9,698) per tonne, up 620 yuan from its open. “Everybody I know is wondering what drove the afternoon climb in copper prices, and whether the rise is justifiable and sustainable,” an analyst said from Shanghai. Chinese equities increased in the afternoon session with the Shanghai Composite Index gaining 2.4% to...

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Aluminium

May 24, 2012 14:40 Trafigura, Ormet will explore joint investments in aluminium
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 12:20 Constellium signs multi-year, $2bn supply agreement
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Lead & Zinc

May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
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May 24, 2012 10:15 Base metals prices fall in LME pre-market in the wake of listing eurozone
May 24, 2012 08:22 SHFE vs LME arbitrage: copper, aluminium, zinc

Copper

May 24, 2012 15:26 Copper products sales in Brazil hit record $8.6bn
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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.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

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.