铜价因中国房产政策小跌 美国经济数据利好支撑
METALS-Copper dips on China property; U.S. data supports
Thu Sep 30, 2010 4:36pm GMT
* Copper on course for 25 percent rise in Q3
* U.S. jobless claims dip, Q3 GDP revised up
* China renews bid to curb property market
(Recasts, updates prices, adds details)
By Marie-Louise Gumuchian and Maytaal Angel
LONDON, Sept 30 (Reuters) - Copper eased on Thursday as moves by top metals consumer China to curb property prices prompted profit taking, although losses were limited by dollar weakness and better-than forecast U.S. data.
Three-month copper CMCU3 on the London Metal Exchange was untraded at the close but bid at $8,010 a tonne from $8,064 at the close on Wednesday. It jumped to a more than two-year peak on Wednesday at $8,075.
Copper, used in power and construction, is on course for a
25 percent rise this quarter, and its largest quarterly gain in
one year. In the second quarter, copper fell about 15 percent.
Data out earlier showed new U.S. claims for jobless benefits fell last week, pointing to a modest strengthening in the labour market, while second-quarter growth was revised a touch higher on firmer consumer spending.
Denting sentiment slightly, however, China has told banks to demand a down payment of at least 30 percent from all mortgage applicants as part of its new efforts to put a lid on property prices.
"That (story) is perhaps having a slight bearing but I'm not getting bearish on the demand outlook thanks to China. Near term you're bound to get congestion, we've broken the top we reached in April," said Daniel Major, analyst at RBS Global Banking and Markets.
He added that on a broader view, investors were largely
focussed on the potential for further quantitative easing in the U.S. later this year, which will probably depreciate the dollar further and support commodity prices.
The euro hit a five-month high against the dollar on
Thursday, although the single currency gave back some gains after the better than forecast U.S. data. A weaker dollar makes dollar-priced metals cheaper for European investors.
"During the summer slowdown period, the dollar continued to weaken, so here we are at $8,000 again," said Alex Heath at RBC Capital Markets.
"And China going back to work and needing metal, and Europe going back to work and needing metal, and units being tight, and spreads being tight and premiums being strong -- all of that tells you we're probably in for a fairly solid fourth quarter."
BODE WELL
Falling LME inventories, seen as a demand indicator, have helped overall sentiment. Latest LME data showed copper stocks shed 950 tonnes to 374,150 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid February.
"With the weaker dollar being maintained, copper stocks
falling, the market in deficit, it does bode well for at least
the current high prices to be maintained," said Robin Bhar,
analyst at Credit Agricole.
"We've had a good round of stock draws across the board."
But uncertainty over the economic recovery in the western world remains. As markets contemplated Dublin's ever growing fiscal hole, ratings agency Moody's cut Spain's AAA top-notch credit rating to Aa1, citing the budget impact of slower economic growth.
All the same, copper prices are on track for a third
consecutive month of gains, with a climb of 8.5 percent so far in September.
