Copper Trims Biggest Quarterly Advance in Almost a Year
New York (June 30) Copper fell in New York, paring its biggest quarterly advance in almost a year, before factory reports from China to the U.S. that may give clues on demand.
China’s official Purchasing Managers’ Index probably increased to 51 in June from 50.8 in May, economists surveyed by Bloomberg News said. Euro-area manufacturing probably held at 51.9 and the U.S. gauge rose to 55.9 from 55.4, surveys showed. Readings above 50 indicate expansion. The reports are due to be published tomorrow.
“Ahead of the publication of key economic data, metal prices remain virtually unchanged ,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said in a report today.
Copper for September delivery fell 0.1 percent to $3.1655 a pound by 7:42 a.m. on the Comex in New York. The metal is up 4.6 percent this quarter, the most since the three months to Sept. 30. Copper for delivery in three months dropped 0.2 percent to $6,930 a metric ton on the London Metal Exchange.
Futures trading volumes in New York were 50 percent lower than the 100-day average for this time of the day, according to data compiled by Bloomberg.
Copper stockpiles monitored by the LME dropped 42 percent this quarter to 154,675 tons, the lowest since 2008, daily exchange figures showed.
Zinc rose 0.6 percent to $2,197 a ton. The metal is up 11 percent this quarter, heading for the biggest gain since the third quarter of 2012. Stockpiles of the metal monitored by the LME fell to the lowest since Dec. 13, 2010, on June 26.
Nickel in London dropped 0.8 percent to $18,761 a ton, declining for the first time in four days. The metal is up 18 percent this quarter, set for the biggest quarterly gain since the third quarter of 2010. Aluminum, lead and tin also fell.