NEW YORK, May 19 (Reuters) - U.S. copper futures ended lower on Monday after a large build in London warehouse stocks and lingering concerns over China's near-term demand outlook slowed the market's bullish momentum from late last week, analysts said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> settled down 5.10 cents at $3.7755 a lb on the COMEX metals division of the New York Mercantile Exchange. Range spanned from $3.7425 to $3.8580 -- considered an inside day as it holds inside of Friday's range of $3.7395-$3.8595.
* By 1 p.m. EDT (1700 GMT), COMEX copper volumes reached 13,280 lots. Final volumes on Friday totaled 17,102 lots.
* Open interest in the market rose 934 lots to 99,009 contracts open as of May 16.
* Copper trapped within relatively broad trading range, with a weak U.S. dollar, South American labor issues, and last week's earthquake in China running up against rising stockpiles in London and questionable demand levels.
* The number of countervailing forces will prevent a major breakout in either direction on most metals - MF Global metals analyst Edward Meir.
* London Metal Exchange (LME) copper stockpiles rose by 1,500 tonnes on Monday to 122,725 tonnes, up 13 percent during the past two weeks. Since the start of the year, LME copper stocks are down 38 percent.
* COMEX copper stocks fell by 102 short tons to 10,658 short tons on Friday.
* The key factor for the market is the lack of Chinese buying interest - David Rinehimer, director of Citi Futures Perspective in New York.
* China's imports of unwrought copper dropped 17 percent in the first four months of the year, but demand could see a pick-up in the coming months as the country rebuilds cities, factories and power networks devastated by last week's powerful earthquake. [ID:nPEK282260]
* Copper prices supported by concerns of supply tightness after subcontract workers at Codelco, Chile's state-owned copper giant, threatened to resume strikes that they had halted last week. [ID:nN16562011]
* Weekly trade data showed the net long position held by noncommercial investors in U.S. copper futures fell to 2-1/2 month lows during the week of May 13.
* Noncommercial investors were net long on 4,188 lots of copper compared with the previous week's tally of 7,194 lots, according to data from the U.S. Commodity Futures Trading Commission. [ID:nN16443865]
* LME three-month copper <MCU3> was last quoted at $8,315/8,320 a tonne, down $124 from Friday's close, when the metal rallied 1.5 percent. (Reporting by Chris Kelly; Editing by John Picinich) ((chris.kelly@thomsonreuters.com; +1 646 897 1898; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
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(Updates with fresh quotes, details throughout)
By Pav Jordan
CALAMA, Chile, May 19 (Reuters) - Chile's Gaby copper mine, owned by world No. 1 copper miner Codelco, will produce around 80,000 tonnes of the metal in 2008, the firm's chief executive said on Monday.
Codelco Chief Executive Jose Pablo Arellano said during a visit to the mine that Gaby would be ramped up to full capacity of about 150,000 tonnes per year of copper in August.
"This year we will produce around or even a little more than 80,000 tonnes, given we will only be in production for half a year," he told reporters.
He said output at the $1.024 billion mine will be expanded further to 165,000 tonnes per year in a second phase.
Codelco is in an expansion phase meant to help offset a slide in output at the mining giant in recent years amid falling grades at aging mines.
The Gaby mine is currently the only greenfield expansion project at Codelco, which is in the middle of an ambitious expansion across its five divisions.
Codelco's production came in at 1.583 million tonnes in 2007, not including its stake in a joint venture mine with Freeport-McMoRan Copper & Gold Inc <FCX.N>, El Abra.
Output has been curtailed this year by a subcontractors' strike at three divisions and the Gaby start-up is about two months behind schedule.
"We expect to recover lost production," said Gaby plant supervisor Gerardo Morales.
Codelco's overall output is expected to hit the 1.7 million tonnes per year level in 2009 and 2010, without its stake in El Abra.
Codelco is also planning a major expansion at its Andina division and a conversion of its largest mine, Chuquicamata, into an underground operation from an open-pit operation.
At Radomiro Tomic, part of the Codelco Norte division together with Chuquicamata, Codelco is developing a new project to exploit sulphides. (Editing by Simon Gardner and Marguerita Choy) ((simon.gardner@thomsonreuters.com; + 562 370-4250; Reuters Messaging: simon.gardner.reuters.com@reuters.net))
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NEW YORK, May 19 (Reuters) - U.S. copper futures fell at the open on Monday after a hefty influx of material into London warehouses weighed on sentiment, but the losses were limited as investors continued to calculate the impact of last week's powerful earthquake in China, analysts said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> was trading down 5.65 cents at $3.77 a lb by 10:27 a.m. EDT (1427 GMT) on the COMEX metals division of the New York Mercantile Exchange. Morning range spanned $3.7425 to $3.8580.
* Futures volumes estimated at 4,349 lots by 9 a.m.
* Copper trapped within relatively broad trading range, with a weak U.S. dollar, South American labor issues, and the Chinese quake offset by rising stocks and questionable demand levels.
* The number of countervailing forces will prevent a major breakout in either direction on most metals - MF Global metals analyst Edward Meir.
* China has tapped more than 1,100 diesel generators to boost power supply in quake-hit Sichuan province. [ID:nPEK333891]
* London Metal Exchange (LME) copper stockpiles rose by 1,500 tonnes on Monday to 122,725 tonnes, up 13 percent during the past two weeks.
* Since the start of the year, LME copper stocks are down 38 percent.
* COMEX copper stocks fell by 102 short tons to 10,658 short tons on Friday.
* Copper finds support amid concerns of tighter supply after subcontract workers at Codelco, Chile's state-owned copper giant, threatened to resume strikes that they had halted last week. [ID:nN16562011]
* Weekly trade data showed the net long position held by noncommercial investors in U.S. copper futures fell to 2-1/2 month lows during the week of May 13.
* Noncommercial investors were net long on 4,188 lots of copper compared with the previous week's tally of 7,194 lots, according to data from the U.S. Commodity Futures Trading Commission. [ID:nN16443865]
* LME three-month copper <MCU3> last traded at $8,315 a tonne, down $124 from Friday's kerb close. (Reporting by Chris Kelly) ((chris.kelly@thomsonreuters.com; + 1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
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CAIRO, May 19 (Reuters) - Egypt's two main stock indexes dipped on Monday as short-term investors took profit from Sunday's 4 percent surge, but EFG-Hermes <HRHO.CA><HRHOq.L> jumped after announcing first quarter results, traders said.
The benchmark Case 30 index <.CASE30> shed 0.5 percent to 10,506.69 points, while the Hermes index <.HRMS> lost 0.6 percent to 91,013.84. Both indexes had jumped nearly 4 percent on Sunday, ending an eight-session losing streak.
Egypt's broader CIBC index <.CIBC> gained 0.6 percent to 521.79 points.
"I don't see the panic. I see consolidation, with the market going sideways for a while," said Teymour el-Derini of Beltone Financial. "Tomorrow when the market opens, it will open up."
Government moves to eliminate tax exemptions in some free zones, raise energy prices and impose a tax on treasury bill interest earlier this month had sent stocks tumbling as foreign investors shed shares, traders said.
They said short-term investors were now taking profit from gains on Sunday, while medium-term investors including foreigners were buying by end-session. Foreign investors were net buyers by 9.7 million Egyptian pounds ($1.8 million), and accounted for 21.8 perent of the day's trade.
EFG-Hermes, Egypt's largest listed investment bank, climbed 3.3 percent to 51.50 pounds after reporting a 39 percent rise in first quarter net profit to 348.5 million pounds.
Traders said the results, which were in line with market expectations, had boosted the shares, which had hit a year low of 44 pounds on May 13, down from over 68 pounds in January.
But other market heavyweights dropped including Orascom Construction Industries <OCIC.CA><OCICq.L>, which fell 2 percent to 371.01 pounds. Commercial International Bank <COMI.CA><COMIq.L> lost 1.1 percent to 78.50 pounds.
Regional mobile operator Orascom Telecom <ORTE.CA><ORTEq.L> lost 1.4 percent to 76.30 pounds. The firm said on Monday it had successfully tested its North Korean mobile network and planned to launch services in the second half of the year. ($1 = 5.36 Egyptian pounds) (Writing by Cynthia Johnston) ((cynthia.johnston@reuters.com; +20 2 2578 3290/1; Reuters Messaging: cynthia.johnston.reuters.com@reuters.net))
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NEW YORK, May 16 (Reuters) - U.S. copper futures closed up more than 2 percent Friday, hitting nine-day highs, after sharp gains in metals and almost all commodities on the back of a weaker dollar.
NOTE: For detailed report, click on [MET/L].
* July copper delivery <HGN8> settles up 8.8 cents at $3.8265 a lb on the COMEX metals division of the New York Mercantile Exchange. Trade ranges from $3.7395 to $3.8595, highest since May 7.
* Final market volume estimated at 16,897 lots.
* Copper buoyed by gains in aluminum and zinc, and rally across commodities complex, led by crude oil and gold.
* No extra buying on back of surprise 8.2 percent gain in April U.S. housing starts - floor broker.
* Traders cite tightness based on LME cash three-month backwardation widening out after midweek narrowing.
* Chinese demand seen slack. Chinese dealers have built up stocks and could wait for lower prices.
* Shanghai inventories rose 1 percent to 51,507 tonnes.
* LME copper stocks rose 375 tonnes.
* LME three-month copper <MCU3> was last traded at $8,420.00 a tonne, against Thursday's kerb close of $8,296. (Reporting by Barani Krishnan and Alden Bentley) ((barani.krishnan@reuters.com; Reuters Messaging: barani.krishnan.reuters.com@reuters.net; 646 223 6192))
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