Shanghai copper prices hit their upside limit in the first few minutes of trade on Thursday, excited by London's gains in the previous session, when investors were enthused by the U.S. Federal Reserve's comments that the country's economy was showing signs of levelling out. FUNDAMENTALS
The discount for copper scrap has widened in recent weeks as the copper futures price remains at elevated levels and business in recycled metal slows to a crawl amid the seasonal summer slowdown.
U.S. copper futures climbed to a two-week high early Monday, as investors over-looked an overnight confirmation that China has halted its red metal purchases and bid the market up in line with equities.
Rio Tinto Ltd/Plc's first-quarter aluminum output fell 6 percent, mostly due to curtailments in Europe, as the world's biggest producer attempted to better balance supply with sinking global demand from industrial sectors, the company said on Wednesday.
India's Sterlite Industries will pay $1.7 billion in cash and notes to buy bankrupt U.S. copper miner Asarco LLC, lower than the $2.6 billion it offered last year, the Indian firm said on Saturday.
Copper futures recovered earlier losses on Thursday as the dollar fell and demand for metals rose to compensate for inflation.
Copper futures ended with losses on Tuesday on fears of slowing demand from China and gains in the dollar after comments by Federal Reserve chief Ben Bernanke.
Copper rose nearly 5 cents on Friday as a report that stockpiles diminished raised expectations that demand is growing.
Copper fell on Thursday to its lowest this week as the dollar gained and investors are concern demand from the U.S. is weakening.
Copper prices fell on Wednesday as an increase on inventories rose concerns demand is weakening.
Copper futures were trading lower in after hour electronic trading after ending Tuesday with gains on a rising dollar.
Copper futures ended with losses on Monday as inventories in the London Metal Exchange rose the most in two months easing concerns that demand may outpace supplies.
Copper prices climbed on Friday on worries that a new strike in Chile's Codelco, the largest copper producer of copper in the world, may diminish supplies of the metal.
Copper rose on Thursday as a report showed inventories of the metal declined and investors speculate supplies will be insufficient to meet global demand.
Copper prices fell on Wednesday as investors fear higher prices may weaken global demand and the dollar was gained, lowering the demand for commodities.
Copper prices fell slightly on Tuesday as the dollar rallied against the euro on better U.S. retail sales data, but prices may rise on supply concerns from South America.
Copper futures rallied on Monday as the dollar fell rising demand of the red metal as a hedge against inflation and a strong earthquake in China made investors speculate whether production may be affected.
Copper fell on Friday near 2 percent as inventories in London and Shanghai showed large increases and investors speculate demand may be weakening.
Gold futures gained on Friday to close at their highest level since late April and sealed a weekly gain after crude oil surged to a record price above $126 a barrel and weakness in the U.S. dollar.
U.S. stocks fell on Friday, pushing the market to its first weekly drop in a month, as oil soared past $126 a barrel and metal producers retreated on concern the surge in commodity prices will end.
Copper prices fell on Thursday as inventories of the metal rose, easing supply concerns.
Copper futures fell for a second straight day on Wednesday as a labor strike in Chile ended and speculation that higher prices will reduce demand from China rose.
