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Market:	ASX 200
Sector:	Investments and Funds
EPIC:	XJO

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Copper at 2-week low, $7,310/mt

Wednesday, March 17, 2010

LME copper futures closed at $7,310/mt a tonne, down from $7,440 on Friday. It earlier touched $7,255.00, its lowest level since March 2.

"They are the ones who put us up here, and they are the ones that are taking it down," said Craig Ross, vice president of ApexFutures.com in Chicago. "All eyes are on China when it comes to the copper, and that is exactly what we are seeing," Ross said.

"The inflation (problem) will be relatively temporary," Daniel Smith, an analyst at Standard Chartered, said. "This year will be good overall. We're pretty upbeat in terms of Chinese demand for base metals."

"Chile mines had a major blackout. Is this going to be the only one? I doubt it," said Robin Bhar, an analyst at Credit Agricole CIB. "There will be further supply disruptions."

"We expect continued LME withdrawals to see copper continue to trade at high levels in the shorter term," Macquarie said in a note, adding that Chinese demand had "picked up strongly" over the past week.

Aluminium fell to $2,227 from $2,260.50. Zinc earlier hit $2,265.75, its lowest point since March 5.

www.metalsplace.com

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