Metals - copper eyes biggest weekly fall in seven as U.S. ta
Bareksa • 02 May 2014
Employees stand near a pipe made for the South Stream pipeline at the OMK metal - (Reuters/Sergei Karpukhin)
Asian shares were subdued and the dollar held modest gains against the yen in early trade on Friday
Bareksa.com - London copper was little changed on Friday but was set to log its biggest weekly loss in seven weeks after the United States withdrew liquidity, with markets expected to remain quiet due to a holiday in China and ahead of a U.S. jobs report.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange edged down 0.1 percent to $6,636 a tonne by 0113 GMT, after closing little changed in the previous session. Copper prices have dropped 1.9 percent this week.
* China's markets were closed on Friday for a second day, while many continental European markets are set to reopen after a May 1 break. The LME will be shut on Monday.
* U.S. consumer spending recorded its largest gain in more than 4-1/2 years in March and factory activity accelerated last month, reinforcing views the economy was regaining steam.
* The U.S. auto industry rebounded sharply in April from a bitter and extended winter, with car sales rising 8 percent from the previous year.
* A strengthening U.S. economy likely encouraged employers to maintain a strong pace of hiring in December, further supporting the Federal Reserve's decision last month to start curtailing its massive monetary stimulus.
* Activity in China's factories increased marginally in April but export orders fell sharply, a government survey showed on Thursday, adding to questions about whether the world's second-largest economy is stabilising after its first-quarter slowdown.
* An impasse between Rio Tinto and the Mongolian government over a giant copper mine in the country should be resolved by September, with underground mining beginning within two years, a government official told Reuters.
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MARKETS NEWS
* Asian shares were subdued and the dollar held modest gains against the yen in early trade on Friday as markets held their breath ahead of the U.S. payrolls report later in the session - which could show the economy shaking off a severe winter. (Source : Reuters)