Copper steadies, lead hits new record

(Reuters) - London Metal Exchange copper futures steadied during open outcry trade on Wednesday, keeping a close eye on disturbances caused by strikes at the world's biggest copper miner.

Traders said the market was still consolidating after sharp gains to two-month highs at the start of the week.


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Lead Rises to Record in London for 2nd Day on Chinese Demand; Copper Gains

(Bloomberg) -- Lead rose to a record for a second
consecutive day in London, spurred by increased demand in China,
the metal's largest user. Nickel snapped three days of losses.

Domestic lead prices in China have climbed almost 15
percent since the beginning of June because of ``strong demand
and tight supply,'' Barclays Capital said today in a report.
Prices on the London Metal Exchange will rise to $2,900 a metric
ton in the next three months, said the bank, one of 11 companies
trading on the floor of the LME.


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Copper Falls in Asia on Concern China May Raise Interest Rates; Zinc Down

(Bloomberg) -- Copper prices fell in Shanghai for
the first day in three amid speculation that China will raise
interest rates to cool economic growth, curbing demand in the
world's biggest user of the metal.

Inventories monitored by the London Metal Exchange, which
had dropped to their lowest since October, jumped 4.7 percent to
119,600 metric tons yesterday, the exchange said. Still, strike
threats in Chile, the largest source of copper, and in other
producing countries limited losses.


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Australian Dollar May Rise a Second Day as Prices of Commodities Increase

(Bloomberg) -- The Australian dollar may rise for a
second day on speculation price gains for commodities will boost
the income the country receives from exports.

Australia's currency traded near an 18-year high after a
measure of six tradable metals on the London Metal Exchange
yesterday climbed 2.2 percent. Raw material exports add about 14
percent to Australia's economic growth. The local dollar may
also be supported after Canada's Brookfield Asset Management Inc.
agreed to buy Australia's Multiplex Group for A$4.2 billion
($3.5 billion) in cash.


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Copper and aluminium steady ahead of options

(Reuters) - London Metal Exchange (LME) copper and aluminium were steady on Wednesday ahead of the maturity of key options.

Three-months copper was at $7,535/7,550 a tonne by 0945 GMT, down $5 against its close on Tuesday.


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Copper Prices Little Changed in Asia as Recent Gains Viewed as Excessive

(Bloomberg) -- Copper prices were little changed in
Asia as recent gains on declining global inventories were seen
overdone and concern eased that labor disputes in Chile, the
world's biggest producer, may disrupt supply.

Inventories of copper tracked by the London Metal Exchange
dropped for the 12th-straight session to 123,300 metric tons, the
LME said yesterday in a daily report. Inventories in China have
fallen in the past two weeks, the Shanghai Futures Exchange said
on June 1.


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Nickel Drops, Snapping Two Days of Gains, on Stockpile Surge; Lead Falls

(Bloomberg) -- Nickel declined in London, snapping
two days of gains, after stockpiles climbed to the highest in
almost 11 months. Lead fell on prospects of increased supply as
Xstrata Plc said it will lift restrictions on metal deliveries
from its U.K. smelter after a five-month disruption.

Inventories of nickel tracked by the London Metal Exchange
jumped 6.3 percent to 8,460 metric tons, the exchange said today in
a daily report. That's the highest since July 10 last year.
Production will beat usage by 70,000 tons this year, reversing the
2006 shortage, the International Nickel Study Group said on May 14.


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Copper Rises in Asia as Global Stockpiles Decline; Zinc, Aluminum Higher

(Bloomberg) -- Copper prices rose in Asia as global
stockpiles fell the most in seven months, signaling consumption
may be stronger than expected during the northern hemisphere
summer, traditionally a weak demand period due to holidays.

Inventories of copper tracked by the London Metal Exchange
fell 2.8 percent to 123,900 metric tons, the LME said yesterday
in a daily report. That's the largest one-day drop since Oct. 17.
Stockpiles are at the lowest since Oct. 24. Inventories in China
dropped for a second-straight week, the Shanghai Futures Exchange
said on June 1.


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