Shanghai copper opens lower, market sees stock fall

Shanghai LME

Now Close Now Close
Copper 62350 62870 8170.00 8130.00
Aluminium 19080 19215 2985.00 3000.00
Zinc 17930 18265 2120.00 2110.00
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MAY 23

In the news > Copper slips on firmer dollar,
nickel down 8 pct [nL22832951] > Congo shuts Chinese-run miner
over ore export ban [nL22407996] > China A-Ba Aluminium to
delay smelter start to mid-[nSP205845] > Oil costs hurt miners
despite sky-high metal price[nN19556957] > Ormet's aluminum
output ups results [nN22491529] > Trials starts
in Koba Tin mining case in Indonesia [nJAK72367]
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* Shanghai August copper SCFQ8 opened at 62,350 yuan
($8,982) at 0101 GMT on Friday, down from 62,870 yuan at the
previous close.

But sentiment was supported by expectations that weekly
copper stocks data will show a fall of more than 5,000 tonnes
when numbers are released later on Friday.
* London Metal Exchange copper MCU3 bounced $40 to $8,170
after a 1.3 percent drop overnight. Inventories rose 250 tonnes
to 125,200, the highest since mid-March. The cancelled warrant
ratio rose to 14.3 percent.
* Aluminium MAL3 down $15 at $2,985. Stocks rose 9,975
tonnes. Aluminium inventories have jumped around 5 percent to
1.08 million tonnes in the past week or so and are up by 18
percent this year.
* Delays to starting capacity in quake-hit China and threats
of further power restrictions in South Africa supported
prices.
* Zinc MZN3 continued its fall from grace as investors
quietly unwound positions. LME zinc fell 4.3 percent in London,
but ticked up $10, quoted at $2,120 on Friday morning. Prices
have lost 11 percent this year, but it still ranks behind lead
and nickel as the worst performer.
* Nickel MNI3 was unchanged after a 7 percent fall in
overnight trading to $23,500. In doing so, nickel abdicated its
position as the most costly metal on the LME in favour of tin
MSN3, which was quoted at $23,600, down $100.
($1=6.942 Yuan)
(Reporting by Nick Trevethan;)