Sun Apr 29, 2012 9:25pm EDT
(Refiles to fix formatting)
SINGAPORE, April 30 (Reuters) - Copper rose to its highest
level in nearly a month on Monday, propped up by tighter
supplies as stockpiles in London fell to their smallest since
late 2008 and those in Shanghai slipped to two-month lows.
Thanks to last week's gains, copper has managed to overcome
early losses for the month and could end April firmer if it
sustains its upturn during the day.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange
gained $25 to $8,440 a tonne by 0100 GMT, after rising as high
as $8,462, its loftiest since April 4. Copper is nearly flat for
the month.
* Traded volume on LME Select was a thin 538 lots. Financial
markets in China are shut for a public holiday and will only
reopen on Wednesday, with the thin liquidity possibly
exaggerating price movements.
* Copper stockpiles on LME warehouses stood at 251,825
tonnes on Friday, the lowest level since November 2008, with
cancelled warrants, or those tagged for delivery, at nearly 40
percent of total inventories. <0#MCUSTX-LOC>
* Bulk of the copper that left LME this year was believed to
have been shipped to China, the world's top consumer, where
stockpiles surged to their highest in nearly a decade in March
amid slower than expected demand.
* But on Friday, data from the Shanghai Futures Exchange
showed inventories at its warehouses dropped to the lowest since
early February, at 204,762 tonnes. CU-STX-SGH
* The U.S. economy grew a less than expected 2.2 percent in
the first quarter, slowing from a 3.0 percent pace in the last
quarter of 2011, giving some investors hope the U.S. Federal
Reserve could pursue more monetary stimulus.
* But other analysts think the U.S. GDP figure was anything
but catastrophic, and does not yet signal the need for another
round of Fed-led bond buying that has boosted liquidity in
markets. The next key data to be watched may be the U.S. nonfarm
payrolls due on Friday.
* For the top stories in metals and other news, click
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MARKETS NEWS
* The U.S. dollar stayed under pressure on Monday in the
wake of disappointing first-quarter U.S economic growth, leaving
the yen, sterling and even high-beta currencies like the
Australian dollar at multi-week highs.
* U.S. stocks advanced on Friday and posted their best
weekly gains in a month as stronger-than-expected earnings from
Amazon.com and Expedia Inc reinforced
confidence in corporate performance.
* U.S. crude futures dipped on Monday in thin Asian trade,
with key markets Japan and China shut for holidays, as traders
look for stronger trading cues after weaker-than-expected U.S.
growth data.
DATA/EVENTS (GMT)
0600 Germany Retail sales yy real Mar
0800 EZ Money-M3 3m moving av Mar
0900 EZ Inflation, flash yy Apr
1230 U.S. Personal income mm Mar
1345 U.S. Chicago PMI Apr
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