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METALS-Copper slips for second day as stimulus rally sputters
September 18, 2012 / 1:36 AM / 5 years ago

METALS-Copper slips for second day as stimulus rally sputters

SINGAPORE, Sept 18 (Reuters) - Copper fell for a second
straight session on Tuesday as a rally in the wake of fresh U.S.
stimulus began to splutter, with traders from top metals
consumer China unwilling to chase prices that last week hit the
highest since May.
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange 
slipped by 0.39 percent to $8,270 a tonne by 0111 GMT adding to
modest losses seen in the previous session. Copper on Friday
rose to $8,411 a tonne, its highest since May 2 and its biggest
single day rally since June.    
    * The most-traded January copper contract on the Shanghai
Futures Exchange slipped 0.45 percent to 59,550 yuan
($9,400) a tonne.
    * Factory activity in New York state contracted for a second
month in a row in September, falling to its lowest level in
nearly 3-1/2 years as new orders shrank further, a report from
the New York Federal Reserve showed on Monday. 
    * President Barack Obama on Monday said the United States
was challenging Chinese auto and auto-parts subsidies that
threatened American jobs as he campaigned in Ohio, an auto
manufacturing state that could be decisive in the November
presidential election. 
    * China will increasingly conduct monetary policy using
price-based tools such as interest and currency rates rather
than quantitative mechanisms, according to a blueprint of
financial reforms expected between 2011 through 2015 which was
published on Monday. 
    * Fortescue Metals Group FMG.AX, the world's No.4 iron ore
miner, has lined up $4.5 billion in debt and said several firms
expressed interest in partnering in some of its assets, as it
moved quickly to shore up funding to cope with a slump in iron
ore prices. 
    * For the top stories in metals and other news, click       
, or     
        
    MARKETS NEWS    
    * Asian shares retreated from four-month highs on Tuesday as
markets paused from last week's rallies, calculating the impact
on growth from the Federal Reserve's aggressive stimulus and
eyeing whether Spain will request a bailout to ease its fiscal
strains. 
    * Japan's Nikkei average was flat on Tuesday as support from
a weaker yen offset concerns over companies with large exposure
to China, stirred by an escalation of anti-Japan protests as
tensions rose over a territorial dispute between the two
countries 
    * The dollar hung near seven-month lows against major
currencies on Monday after last week's Federal Reserve
announcement of aggressive easing dampened the outlook for the
U.S. currency. 
    * Oil fell nearly $3 on Monday in a wild session that saw
Brent plunge more than $5 a barrel in a wave of late,
high-volume selling before paring losses as markets sought an
explanation for the sudden crash. 
                
   DATA/EVENTS (GMT) 
   0900 Germany ZEW economic sentiment Sept 
   1145 U.S. ICSC weekly chain store sales 
   1230 U.S. Current account Q2 
   1255 U.S. Redbook weekly retail sales 
   1400 U.S. NAHB housing market index Sept 
   2030 U.S. API weekly crude stocks 
   PRICES    
                                                                
  Base metals prices at 0111 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8270.00    -32.00     -0.39      8.82
  SHFE CU FUT JAN3    59550      -270     -0.45      7.57
  HG COPPER DEC2     376.70     -2.50     -0.66      9.63
  LME Alum          2156.00    -11.00     -0.51      6.73
  SHFE AL FUT DEC2    15785       -50     -0.32     -0.38
  LME Zinc          2079.00    -10.00     -0.48     12.68
  SHFE ZN FUT DEC2    15640       -75     -0.48      5.71
  LME Nickel       17940.00   -280.00     -1.54     -4.12
  LME Lead          2248.00     -9.00     -0.40     10.47
  SHFE PB FUT      15965.00   -135.00     -0.84      4.45
  LME Tin          21401.00   -174.00     -0.81     11.46
  LME/Shanghai arb^    1593
 
   Shanghai and COMEX contracts show most active months
        
    
 
 

($1 = 6.3173 Chinese yuan)

 (Reporting by Melanie Burton; editing by Miral Fahmy)

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