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Copper rebounds on equity bounce, Japan worries persist

Wednesday, Mar 16, 2011
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Copper prices rebounded on Wednesday along with equities, but market sentiment remained fragile as fears of a worsening nuclear crisis in Japan persisted.


 * Three-month copper on the London Metal Exchange gained 1 percent to $9,209 a tonne by 0100 GMT, recovering from a three-month low of $8,944.5 hit in the previous session.


 * Shanghai's most active copper futures contract rose by 1.4 percent at 69,560 yuan ($10,584).


* Japan is battling to avert a nuclear catastrophe after fire broke out on Wednesday at a nuclear plant that has sent low levels of radiation floating into Tokyo. For latest stories on the Japan earthquake, click 


* Japan's benchmark Nikkei average rose more than 6 percent in early trade, recapturing about half of its heavy loss during the previous day when heightened fear of a nuclear crisis triggered a broad sell-off in equities and commodities.


* Japan fears sent the key commodities Reuters-Jefferies CRB index down 3.56 percent, its second-biggest percentage loss since April 2009.


* The U.S. Federal Reserve decided to forge ahead with its $600 billion bond purchase programme, while stating that the U.S. recovery was gaining momentum.

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