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LME copper steady, ShFE down after weak China, US data

Tuesday, Mar 22, 2011
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Copper prices edged higher in London on Tuesday, paring the previous session's 1 percent loss, but Shanghai futures extended losses after weak import data from the world's top commodity buyer and soft housing data in the United States.


* Three-month copper on the London Metal Exchange rose $10.75 to $9,415.75 a tonne by 0111 GMT, after ending Monday 1.2 percent weaker.


 * Shanghai's most-active copper futures contract, June fell 0.7 percent to 70,950 yuan a tonne.


 * Copper ranked amongst the weaker performers in commodity markets on Monday. Worries about Chinese demand after weak, but well-telegraphed, import data from the world's top consumer, weighed on sentiment.


 * China's February import of refined copper tumbled 35.6 percent from the previous month to a 27-month low because of holidays in the shortest month of the year and high stocks.


 * And adding to the weaker mood was a drop in sales of previously-owned homes in the United States. The National Association of Realtors said sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. Median prices hit a nine-year low.

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