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METALS-Copper drops on growth woes, Europe problems
October 11, 2012 / 2:15 AM / 5 years ago

METALS-Copper drops on growth woes, Europe problems

SINGAPORE, Oct 11 (Reuters) - Copper slipped on Thursday as
more weak forecasts from U.S. companies underlined concerns over
global demand, while a downgrade that pushed Spain's credit
rating near junk pressed on the euro, putting further pressure
on metals. 

    * Three-month copper on the London Metal Exchange 
had edged down 0.23 percent to $8,144.25 a tonne by 0209 GMT,
extending losses from the previous session.
    * Copper on Wednesday fell to its lowest since Sept. 26 at
$8,103.05 and is nearing its lowest in a month below $8,082. 
    * Having logged year-to-date gains of more than 10 percent
by mid-September, the metal has since given back almost half of
that on worries the fourth quarter will splutter, with hopes for
recovery now pushed back to the second quarter of 2013.
    * The most-traded January copper contract on the Shanghai
Futures Exchange was steady at 58,870 yuan ($9,400) a
    * Chevron Corp warned that third-quarter profits
would be "substantially lower" than the previous quarter as a
hurricane and maintenance curbed its oil and gas output and a
fire hit its refining arm. 
    * This followed a comment by Alcoa that the company
had noticed a "slight slowdown" in some regions and end markets,
denting stocks and risk appetite. 
    * Standard & Poor's on Wednesday cut Spain's sovereign
credit rating to BBB-minus, just above junk territory, citing a
deepening economic recession that is limiting the government's
policy options to arrest the slide. 
    * The International Monetary Fund urged European
policymakers to deepen the financial and fiscal ties within the
euro area with some urgency to restore sagging confidence in the
global financial system. 
    * Global demand for refined copper is expected to exceed
production by about 400,000 tonnes in 2012, but the market is
projected to move into a production surplus the following year,
the International Copper Study Group (ICSG) said on Wednesday.
    * For the top stories in metals and other news, click       
, or     
    * The euro and the Australian dollar fell on Thursday
following a drop in global shares. A stronger greenback dents
the appeal of U.S. dollar-priced metals to holders of other
    * Asian shares tracked Wall Street lower on Thursday due to
the weak forecasts from U.S. corporates. 
    * Oil prices fell in volatile trade on Wednesday. 
0500 Japan Consumer confidence index 
1230 U.S. World agricultural supply-demand report 
1230 U.S. Weekly jobless claims 
1230 U.S. International trade 
1500 U.S. EIA weekly petroleum status report 
  Base metals prices at 0209 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8144.25    -20.75     -0.25      7.16
  SHFE CU FUT JAN3    58870        10     +0.02      6.34
  HG COPPER DEC2     370.95     -0.85     -0.23      7.96
  LME Alum          2008.00     -1.00     -0.05     -0.59
  SHFE AL FUT JAN3    15570       -15     -0.10     -1.74
  LME Zinc          1978.75      4.75     +0.24      7.25
  SHFE ZN FUT JAN3    15340       -70     -0.45      3.68
  LME Nickel       17725.00     55.00     +0.31     -5.26
  LME Lead          2193.50     -3.50     -0.16      7.79
  SHFE PB FUT      15835.00    -75.00     -0.47      3.60
  LME Tin          21810.00    -15.00     -0.07     13.59
  LME/Shanghai arb^     920
   Shanghai and COMEX contracts show most active months
 ($1 = 6.2833 Chinese yuan)

($1 = 6.2833 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Joseph Radford)

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