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Shanghai copper drops 1% after touching a 20-week high

February 09, 2012 - 08:15 GMT Location: Shanghai

KEYWORDS: SHFE , copper , aluminium , lead , zinc

Shanghai Futures Exchange copper prices settled lower after touching a 20-week high on Thursday as investors took caution on China’s higher inflation rate.

SHFE May copper settled at 61,580 yuan ($9,784) per tonne, 470 yuan higher the previous session but 1% lower from its intraday high of 62,230 yuan per tonne, the highest level since September 2011. “The afternoon’s decline from the intraday high with a decrease in open interests and an outflow of funds meant sentiment is turning weaker,” Jia Jun, an analyst with Donghua Futures said from Nanjing. Open...

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Aluminium

May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
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Lead & Zinc

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Copper

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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.