Commodities outlook: Industrial metals
SINGAPORE (Aug 12) Industrial metals prices rose to its highest in two months on Friday after upbeat Chinese factory data added to signs of steadying growth in the world's top consumer of metals.
Hedge funds and money managers cut their net short positions in copper futures and options and their net long positions in gold and silver in the week to Aug. 6, a report by the Commodity Futures Trading Commission showed on Friday.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 7.6% from last Friday, the exchange said on Friday.
Peru's copper outup rose 10.82% in June compared to the same month in 2012 while gold production shrunk 2.16%, government data showed on Thursday.
Aluminium stocks held at three major Japanese ports fell to 234,000 tonnes at the end of July, down 6.3% from 249,600 tonnes in June, trading house Marubeni Corp 8002.T said on Monday.
Lawsuits alleging aluminium price fixing by big banks will shine an uncomfortable light on the role played by the London Metal Exchange (LME), suggesting that the murky world of metal trading is likely to attract more attention from the authorities.