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Base metal prices vault to new highs

(China Daily/Angencies)
Updated: 2009-08-04 08:12

Copper hit a fresh 10-month high yesterday, leading other base metals to multi-month peaks, as fresh data suggested the global recession was easing, spurring hopes of a recovery in demand and sending the dollar lower.

Brokerage CLSA's China purchasing managers index rose to a one-year high of 52.8 in July, confirming official PMI data over the weekend that indicated an expansion in manufacturing, while US gross domestic product numbers on Friday showed the world's largest economy shrank by less than expected in the second quarter.

The greenback sank to its lowest point this year against a basket of currencies, making dollar-priced commodities cheaper for holders of other currencies.

"The markets are certainly factoring in economic recovery and that's a key reason why we've had these big gains in commodity prices," said David Moore, commodity strategist at Commonwealth Bank of Australia.

"It makes me wonder sometimes about how much upside there is immediately from here, but at present, the markets have been very strong, and it's hard to argue with the markets," added Moore.

Shanghai's benchmark third month copper closed 4.9 percent higher at 47,480 yuan a ton, after surging 7 percent to its ceiling of 48,100 yuan, its loftiest since late September.

The Shanghai metal climbed nearly 11 percent in July, its best showing since March, and has nearly doubled since the start of the year.

Three-month copper on the London Metal Exchange climbed as high as $5,946.75 a ton, its best level since early October, before easing to $5,875 by 0706 GMT.

The rally in copper pushed other base metals including zinc, nickel and lead to their highest levels since last September.

Related readings:  Chinese shares rise led by metal and electricity producers  Chinese shares rise on moderately loose monetary policy promise  Chinese shares plunge 5% on profit taking  Chinese shares edge higher led by steel makers

LME zinc was last at $1,775 after peaking at $1,790 earlier, while Shanghai zinc touched its 7-percent upside limit, of 15,400 yuan, before cutting gains to 15,015 yuan at the close.

Analysts say signs that demand for the galvanized steel ingredient is turning up are aiding gains.

"There is evidence to suggest that there could be a sharp snap-back in zinc demand in China in the second half of 2009, following a period of de-stocking of galvanized steel in the first half," Macquarie said.

LME nickel was at $18,250 a ton, after hitting a session-high of $18,649, still far off from record highs above $51,000 in 2007.