Commodities Update
A weekly round up of the latest commodity news in the UK. Updated every Thursday afternoon, the report tracks the price movements of popular commodities such as oil and gold.
July Copper Performance Chart (10/05/12 16:00)
| Daily % Chg | 1.02% | 3 months | -5.89% | |
| 1 week | -1.04% | 6 months | 1.99% | |
| 1 month | 1.07% | 1 year | -13.82% |
Details
| Prev close | 365.95 | 52 week high | 452.60 | |
| Last trade | 369.70 | 52 week low | 308.00 | |
| High | 370.70 | Low | 364.35 |
Bloomberg Median Forecasts
| Q2 2012 | 435 | Q4 2012 | 415 | |
| Q3 2012 | 429 | Q1 2013 | - |
Commentary
Copper was down more than 1.3% on the back of the re-emergence of the Greek crisis, with politicians playing musical chairs to decide who gets to form the next government. Alexis Tsipras, the head of Greece's radical left party Syriza, is the latest to find himself in the chair just as the music stopped, thereby getting his chance to rule. He is currently meeting leaders of the country's mainstream parties in hopes of welding together a coalition government. Copper on NYMEX was trading at $3.6250, down 1.37% on global growth concerns and the weakness of the euro against the dollar. With copper futures denominated in dollars, a stronger greenback makes the metal more expensive to buyers using other currencies. A slew of Chinese data is also due this week, and analysts expect to see indicators that the world's second-biggest economy has bottomed out, thanks to slowing inflation and an increase in output. On the supply side, declining inventories have partially restrained copper's downward turn. The latest data showed copper stockpiles falling by 7525 tonnes to 220,925 tonnes, the lowest since October 2008. Anthony Grech, London
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Notes: Chart data sourced from Bloomberg. Bloomberg Median Forecasts are produced by Bloomberg by taking the median level from rates forecast by a number of contributors. These contributors consist of leading banks and security firms.
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