SINGAPORE, Oct 28: London copper steadied on Monday, coming off a two-week low hit in the previous session, as hopes the U.S. Federal Reserve will maintain its massive stimulus programme into next year underpinned prices.
Weak U.S. Economic data and fears top consumer China would tighten credit however eroded the outlook for demand, keeping a lid on gains.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange was steady at $7,183.50 a tonne by 0108 GMT, off Friday’s low of $7,113. LME copper dropped almost 1 percent last week, down for a third week in four, but remains in a wider $7,000-7,420 range it has held since early August.
* The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.27 percent to 51,550 yuan ($8,500) a tonne.
* Orders for a wide range of U.S.-made capital goods plummeted in September and consumer sentiment weakened sharply in October, signs that a budget battle in Washington has held back the economy.
* Fed officials are unlikely to make any shift to monetary policy this week as they wait for more evidence of how badly Washington’s budget battle has hurt the U.S. economy.
* A top Chinese leader has promised ‘unprecedented’ economic and societal reforms at the Communist Party’s much anticipated plenum meeting next month, state media reported on Saturday.
* A Chilean appeals court has preventively blocked a recently approved $733 million hydroelectric dam to weigh an environmental appeal, a surprise setback for owners Origin Energy and Glencore Xstrata PLC.
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MARKETS NEWS
* Asian stocks got off to an encouraging start on Monday after strong results from the likes of Microsoft drove Wall Street to another record closing high, while the safe-haven yen slipped in thin early trade.
(AGENCIES)
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