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US copper holds gains by close, further upside seen
Reuters: [2008-05-15 20:32:00]
NEW YORK, May 15 (Reuters) - U.S. copper futures ended higher on Thursday, largely unaffected by the volatile swing down in the crude oil futures market which suggested further upside for the red metal in the coming sessions, analysts said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> settled 5.75 cents firmer at $3.7385 a lb on the COMEX metals division of the New York Mercantile Exchange. Range spanned from $3.6665 to $3.7725.
* By 12 p.m. EDT (1600 GMT), COMEX estimated copper volumes reached 14,814 lots. Final volumes on Wednesday totaled 13,481 lots.
* Open interest in the copper market fell by 543 lots to 97,256 contracts open as of May 14.
* Copper rise supported by early weakness in the dollar and sharp rally in crude oil - trader.
* Money flow heading back into commodities. Spike higher in crude a large part behind the stronger tone in metals complex - Wisdom Financial senior trader Zachary Oxman.
* Copper prices hold up "remarkably well" compared with $9 drop in gold from session highs and breakdown in crude. A pretty good testament to the strength in the copper market - FuturesOne vice president Sterling Smith.
* Copper prices appear fairly stable. Prices may see further upside if market holds range - Smith.
* In currencies, the dollar regained upside momentum against the euro after U.S. stocks rose amid optimism about potential deals and on oil's decline late in the day.
* In afternoon trading in New York, the euro was down 0.3 percent at $1.5429 <EUR=> after trading as high as $1.5547.
* A weaker American currency makes dollar-denominated commodities like copper less expensive for investors holding other currencies.
* A bigger-than-expected drop in April U.S. industrial production seen as a nonevent - trader.
* Nationwide industrial production tumbled by 0.7 percent in April due to a contraction in the manufacturing sector that was the most severe in nearly three years - Federal Reserve.
* "The decline in April industrial production and reduction in manufacturing production is conclusive evidence that the industrial side of the U.S. economy is in a recession," said Daniel J. Meckstroth, Chief Economist for industry research group Manufacturers Alliance/MAPI.
* A distinct lack of buying out of China keeping copper's price potential in check - MF Global analyst Edward Meir.
* China's imports of unwrought copper fell 3.1 percent in April from March and dropped 17 percent in the first four months of the year, as demand growth stagnated and domestic output surged.
* Demand could pick up in the coming months as the country rebuilds cities, factories and power networks devastated by a powerful earthquake in Sichuan on Monday that killed nearly 15,000 people. [ID:nPEK282260]
* In industry news, Chilean copper exports during the month of April fell to $3.719 billion from $4.106 billion in March.
* Potential production problems in Peru and Chile continue to be a supportive influence for prices.
* The leader of subcontract workers at Chile state copper miner Codelco ended a hunger strike on Thursday after Chilean President Michelle Bachelet endorsed new labor agreements between workers and the company. [ID:nN15388915]
* London Metal Exchange copper warehouse stocks fell by 575 tonnes Thursday at 120,850 tonnes. COMEX warehouse copper stocks were flat at 10,827 short tons on Wednesday.
* LME copper for delivery in three months <MCU3> ended up $176 at $8,296 a tonne from Wednesday's close.
(Reporting by Chris Kelly; Editing by John Picinich) ((chris.kelly@thomsonreuters.com; +1 646 897 1898; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
For the latest news and prices, click on the codes in brackets:
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Spot gold/silver <XAU=><XAG=>
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COMEX metals warehouse stocks <CMWST>-<CMWSV>
N.Y. metals hourly volumes <IZQI>
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RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
Soccer-S.America round-up-Everton pull off stunning recovery
Reuters: [2008-05-15 16:25:00]
By Brian Homewood
RIO DE JANEIRO, May 15 (Reuters) - Everton, trailing 3-0 from the first leg, hit back to win 4-1 at Audax Italiano and qualify for the Chilean championship semi-finals.
In other mid-week action in South America, leading pair Libertad and Nacional enjoyed easy wins in Paraguay, where Osvaldo Ardiles's Cerro Porteno struggled to a 1-0 win over Guarani.
CHILE
Everton scored an injury-time goal to complete a stunning fight-back against Audax Italiano in their quarter-final second leg on Wednesday night.
The outcome of the tie seemed a formality after Audax won 3-0 away in the first leg but Everton, led by former Chile coach Nelson Acosta, had other ideas as they took the lead with a Cristian Canio penalty in the 21st minute.
Ezequiel Miralles added a second in the 56th minute, Carlos Garrido pulled one back for Audax in the 69th and Canio put Everton 3-1 ahead four minutes later.
The drama was completed when defender Cristian Oviedo scored a fourth one minute into stoppage time from a pass by Miralles to send Everton through on the away goals rule.
Universidad de Chile also went through, winning 2-1 at O'Higgins to complete a 6-3 aggregate victory.
Hans Gomez put O'Higgins ahead in the 27th minute but the visitors hit back when Manuel Villalobos and Argentine Raul Estevez scored early in the second half.
O'Higgins finished with nine men after Roberto Caceres and Felipe Rojas were sent off in the last 15 minutes.
Colo Colo, attempting to win their fifth domestic title in a row, went through on Tuesday when a 1-1 draw with Universidad Catolica gave them a 4-2 aggregate win.
Nublense were at home to Cobreloa on Thursday night, the first leg having ended goalless.
PARAGUAY
Leaders Libertad stayed four points clear of Nacional after they beat Silvio Pettirossi 4-0 and Nacional won away to 2 de Mayo by the same score.
Colombian Vladimir Marin put defending champions Libertad ahead from a free kick after 13 minutes and Juan Samudio fired the second five minutes before halftime.
Osvaldo Martinez added the third within 15 seconds of the restart and Victor Caceres completed the scoring in the 77th. Carlos Goroso missed a penalty for Silvio Pettirossi and coach Miguel Benitez resigned after the match.
Ariel Bogado scored twice in Nacional's win with Fabio Escobar and a Ramon Ortigoza own goal completing the scoring.
Cerro Porteno went third after winning for the second time in three games since former Argentina midfielder Osvaldo Ardiles took charge, beating Guarani 1-0 in front of less than 600 people.
Guarani defender Joel Benitez turned Marcelo Estigarribia's pass into his own goal after 13 minutes.
PERU
Alianza Lima's miserable run continued when they were held 1-1 at Melgar after conceding a goal in the sixth minute of injury-time.
Goalkeeper Enrique Bologna put Alianza ahead with a penalty in the 42nd minute but Richard Mercado headed Melgar's equaliser at the death to leave Alianza 11th in the 14-team table.
Sporting Cristal stayed two points behind Universitario in second place when they lost 1-0 away to Juan Aurich, Fernando Garcia heading the only goal in the 47th minute. Universitario did not play.
(Editing by Rex Gowar) ((rex.gowar@thomsonreuters.com; +442075423321; Reuters Messaging: rex.gowar.reuters.com@reuters.net. For the latest Reuters Premier League and international football news see: http://football.uk.reuters.com))
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Keywords: SOCCER LATAM/ROUND UP
US copper futures up at open on oil surge, weak dlr
Reuters: [2008-05-15 16:12:00]
NEW YORK, May 15 (Reuters) - U.S. copper futures rose more than 2 percent early Thursday as a weak dollar and a jump in the price of crude oil led the charge higher across the the broader metals complex, traders said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> was trading up 7.20 cents, or nearly 2 percent, at $3.7530 a lb by 10:06 a.m. EDT (1406 GMT) on the COMEX metals division of the New York Mercantile Exchange. Morning range spanned from $3.6665 to $3.7720.
* COMEX copper volumes were estimated at 5,169 lots by 9:00 a.m.
* The euro gained ground against the dollar after Germany reported its strongest quarterly growth in 12 years.
* German gross domestic product expanded by 1.5 percent quarter-on-quarter in January-March. [ID:nL15339192]
* The euro rose as high as $1.5547 <EUR=> after the German data but pared gains to trade up 0.2 percent at $1.5504 in midmorning trade in New York.
* Dollar also undermined by data showing weekly U.S. jobless claims rise by 6,000 and net capital outflows of $48.2 billion in March.
* A weaker American currency makes dollar-denominated commodities like copper less expensive for investors holding other currencies.
* U.S. crude oil futures rallied back above $126 a barrel, sparked by news a strike at a port in France had blocked tanker traffic and that OPEC exported less crude in the four weeks to April 27.
* A bigger-than-expected 0.7 percent drop in April U.S. industrial production seen as a nonevent - trader.
* A distinct lack of buying out of China keeping copper's price potential in check - MF Global analyst Edward Meir.
* China's imports of unwrought copper fell 3.1 percent in April from March and dropped 17 percent in the first four months of the year, as demand growth stagnated and domestic output surged.
* Demand could pick up in the coming months as the country rebuilds cities, factories and power networks devastated by a powerful earthquake in Sichuan on Monday that killed nearly 15,000 people. [ID:nPEK282260]
* In industry news, Chilean copper exports during the month of April fell to $3.719 billion from $4.106 billion in March.
* Looking at supply, potential production problems in Peru and Chile continue to be a supportive influence for prices.
* Subcontract workers at Chile's Codelco said the company must officially recognize their demands at the negotiating table if it is to avoid further protests. [ID:nN13405549]
* Chilean President Michelle Bachelet has given her word that Codelco, the state copper miner, will adhere to accords that ended a three-week strike that shut three of the company's five divisions for parts of last month. [ID:nN14503601]
* London Metal Exchange copper warehouse stocks fell by 575 tonnes Thursday at 120,850 tonnes. COMEX warehouse copper stocks were flat at 10,827 short tons on Wednesday.
* LME copper for delivery in three months <MCU3> last traded at $8,289.50 a tonne, up $169.50 from Wednesday's close.
(Reporting by Chris Kelly; Editing by John Picinich) ((chris.kelly@thomsonreuters.com; +1 646 897 1898; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
For the latest news and prices, click on the codes in brackets:
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N.Y. metals hourly volumes <IZQI>
Vols/open interest <MTXM>
RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
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Reuters: [2008-05-15 15:04:00]
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DIARY - Latin America - to May 30
Reuters: [2008-05-15 13:18:00]
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__________________________________________________________________
DATE GMT/LOCAL INDICATOR PERIOD F/CAST PREVIOUS
------------------------------------------------------------------
MAY15 1230/0830 CL Copper exports Apr $4.106 bln
MAY15 1200/0900 BR retail sales Mar 2.1 pct -1.5 pct
MAY15 1900/1600 AR economic activity-EMAE Mar 8.8 pct
MAY16 1400/0900 MX cenbank overnight rate May 7.50 pct
MAY19 1930/1430 MX industrial production Mar 2.38 pct 5.4 pct
MAY20 1930/1430 MX unemployment Apr 3.80 pct 3.78 pct
MAY21 1930/1430 MX retail sales Mar 2.89 pct 6.1 pct
MAY21 1200/0900 BR unemployment Apr 8.6 pct
MAY22 1900/1600 AR unemployment Q1 7.5 pct
MAY22 1930/1430 MX GDP Q1 3.65 pct 3.80 pct
MAY22 1400/0900 MX 1st-half mnth inflat May -0.42 pct 0.06 pct
MAY23 1930/1430 MX trade balance Apr-0.758 bln 0.636 bln
MAY23 1400/0900 MX current acc balance Q1 -$2,115 m
MAY23 1900/1600 AR industrial production Apr 3.0 pct
MAY26 1900/1600 AR trade balance Apr $801 mln
MAY29 1300/0900 CL Unemployment Apr 7.6 pct
MAY29 1300/0900 CL Industrial production Apr -1.0 pct
MAY29 1300/0900 CL Copper production Apr -8.4 pct
MAY29 1930/1430 MX economic activ (IGAE) Mar 3.15 pct 5.8 pct
MAY30 1930/1430 MX fiscal balance (pesos) Apr
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