October 7, 2011 / 9:19 AM / 9 years ago

METALS-Copper concludes biggest weekly rally since April

* Copper up nearly 5 pct on week in relief rally
    * Encouraging U.S. jobs report aids advance
    * LME canceled copper warrants up at 60,000T this week
    * Coming up: Chinese financial markets reopen Monday

    By Chris Kelly and Marie-Louise Gumuchian
    NEW YORK/LONDON, Oct 7 (Reuters) - Copper capped its
biggest weekly gain in more than six months with a 2 percent
burst on Friday as encouraging U.S. job data helped the metal
recover after falling to a 14-month low early this week.
    Copper's failure to fall alongside other risk assets like
oil and equities suggested some positioning in anticipation
that China could return from holiday on Monday in a buying
mood. Volumes remained thin for a second-straight day and a
late credit ratings cut to both Spain and Italy took some wind
out of metal's rally.
    "I'm looking for the Chinese to come back into the market,"
said George Gero, vice president with RBC Capital Markets
Global Futures in New York. "That's why the market is acting
the way it's acting. It's not acting this way because of
today's jobs figures."
    Financial markets in China were shut this week for an
extended National Day holiday.
    London Metal Exchange (LME) three-month copper rose
$150 or 2 percent to close at $7,375 a tonne. In after hours
trade, prices eased back to $7,260.Metal Prices at 1819 GMT
 COMEX copper in cents/lb, LME prices in $/T and SHFE prices in
yuan/T
Metal          Last      Change  Pct Move   End 2010   Ytd Pct
move
 COMEX Cu       328.65     4.00     +1.23     444.70    -26.10
 LME Alum      2228.00    -2.00     -0.09    2470.00     -9.80
 LME Cu        7368.00   143.00     +1.98    9600.00    -23.25
 LME Lead      1940.00    18.00     +0.94    2550.00    -23.92
 LME Nickel   18900.00   -50.00     -0.26   24750.00    -23.64
 LME Tin      22950.00   750.00     +3.38   26900.00    -14.68
 LME Zinc      1919.00    52.00     +2.79    2454.00    -21.80
 SHFE Alu     16640.00   165.00     +1.00   16840.00     -1.19
 SHFE Cu*     54790.00  2190.00     +4.16   71850.00    -23.74
 SHFE Zin     15400.00   715.00     +4.87   19475.00    -20.92
** Benchmark month for COMEX copper
* 3rd contract month for SHFE AL, CU and ZN
SHFE ZN began trading on 26/3/07
0 : 0
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