Three-month copper on the London Metal Exchange (LME) edged up 0.2 per cent to US$9,180.25 a tonne after rising 0.9 per cent in the previous session. It is on track for a monthly fall of 6.4 per cent, its largest since May 2010.
The most-active November copper contract on the Shanghai Futures closed 0.2 per cent higher after rising 0.9 per cent in the previous session.
Copper prices finished the week virtually unchanged at the close of physical kerb trading on Friday, having tested a low of $9,018 per tonne earlier in the day
Copper prices finished the week virtually unchanged at the close of physical kerb trading on Friday, having tested a low of $9,018 per tonne earlier in the day. Three-month copper finished at $9,076 per tonne, down by $69 from a day earlier and up by $1 from a week ago. The red metal finished at a high of $9,275 per tonne on Wednesday, the final day of trading in August, but dropped over the following two days as weak macro sentiment...
Shanghai will increase storage for metals at bonded warehouses as much as fivefold, lowering costs for commodity trading and potentially boosting shipments into the world’s largest consumer of copper.
Increased bonded warehousing space in Shanghai, the world’s busiest container port, may help China’s metals trading hub bring prices more in line with international rates as shipments are exempt from import duties. Demand from the world’s second- largest economy has helped fuel a rally in metal prices since 2003, with increased trading in Asia prompting the London Metal Exchange, where benchmark prices are settled, to offer futures products in Singapore.
The area for storing metals in Shanghai’s free trade areas will increase to 200,000 square meters to 250,000 square meters next year from 50,000 square meters, according to Eric Ni, a business development manager at Shanghai Free Trade Zones United Development Co.
More Space
The administration manages free-trade zones in Shanghai’s Yangshan, Waigaoqiao and Pudong Airport. Two warehouses in Yangshan started in March offering delivery services for copper and aluminum futures traded on the Shanghai Futures Exchange. Metals stored there are exempt from a 17 percent value-added tax and import tariffs, bringing prices more into line with those traded in London and New York.
Trading volumes climbed by 43 percent last year on the Shanghai exchange, bourse data show. Volume increased by 7.4 percent on the London Metal Exchange,
copper prices are expected to reach US$12,000 per tonne at the end of the second quarter of 2012, a market expert has predicted.
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