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Shanghai copper up 2.9% for the week in "passive chase'' behind London

February 10, 2012 - 07:48 GMT Location: Shanghai

KEYWORDS: SHFE , copper , aluminium , lead , zinc , Shanghai , London

Shanghai Futures Exchange copper prices settled 2.9% higher for the week after what market participants have described as a "passive chase" behind the London Metal Exchange.

SHFE prices also settled 0.3% higher compared with the previous session on Friday. Copper prices for May in Shanghai settled at 61,760 yuan ($9,813) per tonne on Friday, after touching a 20-week high of 62,230 yuan per tonne on Thursday. “Shanghai copper appeared reluctant to chase London higher,” Wang Jie, an analyst with Xianrong Futures, said from Chongqing. "China’s January import number indicated stale spot demand." China's copper imports fell for...

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Aluminium

May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
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
May 24, 2012 11:25 Shanghai copper price little changed; arbitrage gap narrows

Lead & Zinc

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 12:08 Brazilian zinc consumption will grow 6% in 2013
May 24, 2012 11:25 Shanghai copper price little changed; arbitrage gap narrows

Copper

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 15:26 Copper products sales in Brazil hit record $8.6bn
May 24, 2012 13:59 Copper concentrator failure halts production at Botswana’s Mowana mine
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus

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.