London Copper Slightly Weaker but Investors Wait for More Trading Cues

  • Tuesday, August 21, 2012
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  • Keywords:Copper
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[Ferro-Alloys.com] Three-month copper on the London Metal Exchange had risen 0.1 percent to $7,464.75 per tonne by 0102 GMT, after dropping 1.1 percent the session before.
 
The most active December copper contract on the Shanghai Futures Exchange edged down 0.1 percent to RMB54, 580/mt, after ending Monday's session 0.1 percent lower.
 
After a couple of weeks of summer lull, markets are bracing for major events including the European Central Bank's policy meeting on September 6 and a meeting of euro zone finance ministers in mid-September.
 
Leaders of Germany, the Eurogroup and Greece are meeting bilaterally this week, with German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras holding a dialogue on Friday over Greece's rescue plans.
 
Daily average primary aluminum output for July dropped to 67,400 tonnes from 67,700 in June, figures from the International Aluminum Institute showed on Monday, while analysts warned of the potential for further reductions.
 
One of the world's leading minerals exporters, said on Monday its copper, zinc and lead output rose more than 9 percent in June over the same month a year ago, while its production of gold dropped almost 6 percent.
 
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