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 GMT     |      New York     |      London     |      Shanghai

LB MT KG
Copper
   
  Most Recent COMEX $/LB  
  Most Recent COMEX $/MT  
  Most Recent COMEX $/KG  
 LME CU Officials $/LB 
CASH
3.4616
3MTH 3.4682
03 Sep 10
 LME CU Officials $/KG 
CASH
7.632
3MTH 7.646
03 Sep 10
 LME CU Officials $/MT 
CASH
7631.5
3MTH 7646.0
03 Sep 10

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LB MT KG
 LME Copper Daily Summary

LME Copper Daily Summary  03 Sep 2010
USD/LBCash3 Mth15 Mth27 MthInventoryVolume
Official$  3.4616    3.4682    3.4609     3.3566    397,675    2,737,225  
+/-  .0027    .0025    .0045    .0091     -1800     -993650  
Unofficial$  3.4872    3.4927      
+/-  .0256    .0245      
LME Copper Daily Summary  03 Sep 2010
USD/MTCash3 Mth15 Mth27 MthInventoryVolume
Official$  7,631.50    7,646.00    7,630.00     7,400.00    397,675    2,737,225  
+/-  6.00    5.50    10.00    20.00     -1800     -993650  
Unofficial$  7,688.00    7,700.00      
+/-  56.50    54.00      
LME Copper Daily Summary  03 Sep 2010
USD/KGCash3 Mth15 Mth27 MthInventoryVolume
Official$  7.632    7.646    7.630     7.400    397,675    2,737,225  
+/-  .006    .005    .010    .020     -1800     -993650  
Unofficial$  7.688    7.700      
+/-  .056    .054      
 LME Copper Short History
LME Copper Short History USD/LB
DateCash3 Mth15 Mth27 MthInventoryVolume
02 Sep 10  3.4589    3.4657    3.4564    3.3475    399,475    3,730,875  
01 Sep 10  3.4203    3.4224    3.4133    3.3044    398,775    3,060,900  
31 Aug 10  3.3364    3.3387    3.3362    3.2296    398,525    2,865,725  
27 Aug 10  3.3053    3.3117    3.3112    3.2228    400,100    2,178,700  
26 Aug 10  3.2638    3.2772    3.2795    3.1956    401,250    2,468,450  
LME Copper Short History USD/MT
DateCash3 Mth15 Mth27 MthInventoryVolume
02 Sep 10  7,625.50    7,640.50    7,620.00    7,380.00    399,475    3,730,875  
01 Sep 10  7,540.50    7,545.00    7,525.00    7,285.00    398,775    3,060,900  
31 Aug 10  7,355.50    7,360.50    7,355.00    7,120.00    398,525    2,865,725  
27 Aug 10  7,287.00    7,301.00    7,300.00    7,105.00    400,100    2,178,700  
26 Aug 10  7,195.50    7,225.00    7,230.00    7,045.00    401,250    2,468,450  
LME Copper Short History USD/KG
DateCash3 Mth15 Mth27 MthInventoryVolume
02 Sep 10  7.626    7.641    7.620    7.380    399,475    3,730,875  
01 Sep 10  7.541    7.545    7.525    7.285    398,775    3,060,900  
31 Aug 10  7.356    7.361    7.355    7.120    398,525    2,865,725  
27 Aug 10  7.287    7.301    7.300    7.105    400,100    2,178,700  
26 Aug 10  7.196    7.225    7.230    7.045    401,250    2,468,450  
 LME Copper Short History
LME / Shanghai Copper Arbitrage
DateYuan/LB +/- USD/LB+/-
02 Sep 2010  .391  .081 .057  .0120
01 Sep 2010  .310  .152 .045  .0223
31 Aug 2010  .157  .003 .023  .0004
27 Aug 2010  .154  .164 .023  .0240
26 Aug 2010  -.009  -.023 -.001  -.0034
25 Aug 2010  .014  -.124 .002  -.0183
(LME 3 Mo in Yuan + 17% VAT) - SHFE 3 Mo Closing
(Positve indicates LME is at a premium over Shanghai)
LME / Shanghai Copper Arbitrage
DateYuan/KG +/- USD/KG+/-
02 Sep 2010  .862  .179 .127  .0264
01 Sep 2010  .683  .336 .100  .0492
31 Aug 2010  .347  .007 .051  .0010
27 Aug 2010  .340  .360 .050  .0530
26 Aug 2010  -.020  -.051 -.003  -.0074
25 Aug 2010  .030  -.274 .004  -.0403
(LME 3 Mo in Yuan + 17% VAT) - SHFE 3 Mo Closing
(Positve indicates LME is at a premium over Shanghai)
LME / Shanghai Copper Arbitrage
DateYuan/MT +/- USD/MT+/-
02 Sep 2010  862  179 126.59  26.399
01 Sep 2010  683  336 100.20  49.220
31 Aug 2010  347  7 50.98  .967
27 Aug 2010  340  360 50.01  53.021
26 Aug 2010  -20  -51 -3.01  -7.432
25 Aug 2010  30  -274 4.42  -40.323
(LME 3 Mo in Yuan + 17% VAT) - SHFE 3 Mo Closing
(Positve indicates LME is at a premium over Shanghai)
 COMEX Copper Settles
COMEX  Copper Settles  USD/LB
Month 03 Sep 02 Sep +/- Open Int
Sep 10   3.4935   3.4880   .0055  4029
Oct 10   3.4965   3.4905   .0060  2819
Nov 10   3.4985   3.4935   .0050  1801
Dec 10   3.5000   3.4955   .0045  94533
Jan 11   3.5050   3.4995   .0055  1492
Feb 11   3.5065   3.5010   .0055  350
Mar 11   3.5080   3.5035   .0045  19148
Apr 11   3.5105   3.5045   .0060  108
May 11   3.5100   3.5055   .0045  2762
Jun 11   3.5105   3.5065   .0040  128
Jul 11   3.5110   3.5070   .0040  2928
Inventory  95346  95346  0  
Metalprices.com
COMEX  Copper Settles  USD/MT
Month 03 Sep 02 Sep +/- Open Int
Sep 10   7,701.84   7,689.71   12.13  4029
Oct 10   7,708.45   7,695.23   13.22  2819
Nov 10   7,712.86   7,701.84   11.02  1801
Dec 10   7,716.17   7,706.25   9.92  94533
Jan 11   7,727.19   7,715.07   12.12  1492
Feb 11   7,730.50   7,718.37   12.13  350
Mar 11   7,733.81   7,723.89   9.92  19148
Apr 11   7,739.32   7,726.09   13.23  108
May 11   7,738.22   7,728.30   9.92  2762
Jun 11   7,739.32   7,730.50   8.82  128
Jul 11   7,740.42   7,731.60   8.82  2928
Inventory  95346  95346  0  
Metalprices.com
COMEX  Copper Settles  USD/KG
Month 03 Sep 02 Sep +/- Open Int
Sep 10   7.702   7.690   .012  4029
Oct 10   7.708   7.695   .013  2819
Nov 10   7.713   7.702   .011  1801
Dec 10   7.716   7.706   .010  94533
Jan 11   7.727   7.715   .012  1492
Feb 11   7.731   7.718   .013  350
Mar 11   7.734   7.724   .010  19148
Apr 11   7.739   7.726   .013  108
May 11   7.738   7.728   .010  2762
Jun 11   7.739   7.731   .008  128
Jul 11   7.740   7.732   .008  2928
Inventory  95346  95346  0  
Metalprices.com
 COMEX Copper Short History

COMEX Copper Short History USD/LB
DateSpot Mth2nd Mth3rd Mth
02 Sep 10    3.4880    3.4905    3.4935  
01 Sep 10    3.4685    3.4725    3.4755  
31 Aug 10    3.3610    3.3650    3.3685  
30 Aug 10    3.4130    3.4200    3.4255  
27 Aug 10    3.3640    3.3630    3.3740  
COMEX Copper Short History USD/MT
DateSpot Mth2nd Mth3rd Mth
02 Sep 10    7,689.71    7,695.23    7,701.84  
01 Sep 10    7,646.72    7,655.54    7,662.16  
31 Aug 10    7,409.73    7,418.55    7,426.26  
30 Aug 10    7,524.37    7,539.80    7,551.93  
27 Aug 10    7,416.34    7,414.14    7,438.39  
COMEX Copper Short History USD/KG
DateSpot Mth2nd Mth3rd Mth
02 Sep 10    7.690    7.695    7.702  
01 Sep 10    7.647    7.656    7.662  
31 Aug 10    7.410    7.419    7.426  
30 Aug 10    7.524    7.540    7.552  
27 Aug 10    7.416    7.414    7.438  
COMEX Copper Summary  02 Sep
USD/LB1 Mth2 Mth3 Mth
$  3.4880  3.4905  3.4935
+/-  .0195   .0180   .0180
COMEX Copper Summary  02 Sep
USD/MT1 Mth2 Mth3 Mth
$  7,689.71  7,695.23  7,701.84
+/-  42.99   39.69   39.68
COMEX Copper Summary  02 Sep
USD/KG1 Mth2 Mth3 Mth
$  7.690  7.695  7.702
+/-  .043   .039   .040
 Copper Cathode Summary
Copper Cathode Premium
Grade A
Midwest USA USD/LB
DateLowHighAvg.
08 May 09  .0500  .0700   .0600
01 May 09  .0500  .0650   .0575
24 Apr 09  .0400  .0650   .0525
17 Apr 09  .0500  .0700   .0600
10 Apr 09  .0400  .0600   .0500
03 Apr 09  .0400  .0500   .0450
27 Mar 09  .0400  .0550   .0475
20 Mar 09  .0400  .0650   .0525
13 Mar 09  .0275  .0445   .0360
06 Mar 09  .0275  .0475   .0375
Copper Cathode Premium
Grade A
Midwest USA USD/MT
DateLowHighAvg.
08 May 09  110.2  154.3   132.28
01 May 09  110.2  143.3   126.77
24 Apr 09  88.2  143.3   115.74
17 Apr 09  110.2  154.3   132.28
10 Apr 09  88.2  132.3   110.23
03 Apr 09  88.2  110.2   99.21
27 Mar 09  88.2  121.3   104.72
20 Mar 09  88.2  143.3   115.74
13 Mar 09  60.6  98.1   79.37
06 Mar 09  60.6  104.7   82.67
Copper Cathode Premium
Grade A
Midwest USA USD/KG
DateLowHighAvg.
08 May 09  .110  .154   .132
01 May 09  .110  .143   .127
24 Apr 09  .088  .143   .116
17 Apr 09  .110  .154   .132
10 Apr 09  .088  .132   .110
03 Apr 09  .088  .110   .099
27 Mar 09  .088  .121   .105
20 Mar 09  .088  .143   .116
13 Mar 09  .061  .098   .079
06 Mar 09  .061  .105   .083
 Shanghi Copper Current Month
Shanghai Copper Short History USD/LB
DateSpot Mth2nd Mth3rd Mth
03 Sep 10    3.9844    3.9884    3.9864  
02 Sep 10    3.9918    3.9985    3.9998  
01 Sep 10    3.9614    3.9600    3.9554  
31 Aug 10    3.9093    3.9080    3.9047  
30 Aug 10    3.9371    3.9418    3.9365  
27 Aug 10    3.8501    3.8487    3.8434  
26 Aug 10    3.8301    3.8281    3.8215  
25 Aug 10    3.7983    3.7903    3.7816  
24 Aug 10    3.8147    3.8094    3.8027  
23 Aug 10    3.8218    3.8218    3.8145  
AvgSpot Mth2 Mth3 Mth
Sep  3.9792    3.9823    3.9805  
Aug  3.8470    3.8455    3.8439  
Shanghai Copper Short History USD/MT
DateSpot Mth2nd Mth3rd Mth
03 Sep 10    8,784.09    8,792.91    8,788.50  
02 Sep 10    8,800.40    8,815.17    8,818.04  
01 Sep 10    8,733.38    8,730.30    8,720.15  
31 Aug 10    8,618.52    8,615.65    8,608.38  
30 Aug 10    8,679.81    8,690.17    8,678.49  
27 Aug 10    8,488.01    8,484.92    8,473.24  
26 Aug 10    8,443.92    8,439.51    8,424.96  
25 Aug 10    8,373.81    8,356.17    8,336.99  
24 Aug 10    8,409.96    8,398.28    8,383.51  
23 Aug 10    8,425.62    8,425.62    8,409.52  
AvgSpot Mth2 Mth3 Mth
Sep  8,772.62    8,779.46    8,775.56  
Aug  8,481.25    8,477.90    8,474.25  
Shanghai Copper Short History USD/KG
DateSpot Mth2nd Mth3rd Mth
03 Sep 10    8.784    8.793    8.788  
02 Sep 10    8.800    8.815    8.818  
01 Sep 10    8.733    8.730    8.720  
31 Aug 10    8.619    8.616    8.608  
30 Aug 10    8.680    8.690    8.678  
27 Aug 10    8.488    8.485    8.473  
26 Aug 10    8.444    8.440    8.425  
25 Aug 10    8.374    8.356    8.337  
24 Aug 10    8.410    8.398    8.384  
23 Aug 10    8.426    8.426    8.410  
AvgSpot Mth2 Mth3 Mth
Sep  8.773    8.779    8.776  
Aug  8.481    8.478    8.474  
 Shanghi Copper

Shanghai Copper USD/LB
Thursday, September 02, 2010
MonthOpenHighLowSettlePrev
Settle
ChangeVolumeOpen
Interest
 Sep-10 3.9972 4.0105 3.9839 3.9918 3.9639 .0280  2,440  12,160
 Oct-10 3.9972 4.0225 3.9865 3.9985 3.9625 .0360  4,746  38,082
 Nov-10 3.9958 4.0218 3.9859 3.9998 3.9579 .0420  25,210  72,886
 Dec-10 4.0045 4.0225 3.9839 3.9998 3.9599 .0400  292,038  195,496
 Jan-11 4.0012 4.0198 3.9825 3.9972 3.9612 .0360  20,756  22,704
 Feb-11 3.9912 4.0212 3.9845 3.9978 3.9545 .0433  666  2,102
 Mar-11 3.9972 4.0172 3.9792 3.9985 3.9592 .0393  200  1,888
 Apr-11 4.0152 4.0152 3.9772 3.9992 3.9579 .0413  106  860
 May-11 4.0145 4.0158 3.9772 4.0005 3.9579 .0426  198  986
 Jun-11 3.9972 4.0045 3.9772 3.9912 3.9632 .0280  80  620
Turnover: 346,470 lots
Volume and open interest are in lots of 5 metric tons
Shanghai Copper USD/MT
Thursday, September 02, 2010
MonthOpenHighLowSettlePrev
Settle
ChangeVolumeOpen
Interest
 Sep-10 8812.3 8841.6 8782.9 8800.5 8738.8 61.7  2,440  12,160
 Oct-10 8812.3 8868.1 8788.8 8815.2 8735.9 79.3  4,746  38,082
 Nov-10 8809.3 8866.6 8787.3 8818.1 8725.6 92.5  25,210  72,886
 Dec-10 8828.4 8868.1 8782.9 8818.1 8730.0 88.1  292,038  195,496
 Jan-11 8821.1 8862.2 8779.9 8812.3 8732.9 79.3  20,756  22,704
 Feb-11 8799.0 8865.1 8784.3 8813.7 8718.3 95.5  666  2,102
 Mar-11 8812.3 8856.3 8772.6 8815.2 8728.5 86.7  200  1,888
 Apr-11 8851.9 8851.9 8768.2 8816.7 8725.6 91.1  106  860
 May-11 8850.4 8853.4 8768.2 8819.6 8725.6 94.0  198  986
 Jun-11 8812.3 8828.4 8768.2 8799.0 8737.4 61.7  80  620
Turnover: 346,470 lots
Volume and open interest are in lots of 5 metric tons
Shanghai Copper USD/KG
Thursday, September 02, 2010
MonthOpenHighLowSettlePrev
Settle
ChangeVolumeOpen
Interest
 Sep-10 8.8123 8.8416 8.7829 8.8005 8.7388 .0617  2,440  12,160
 Oct-10 8.8123 8.8681 8.7888 8.8152 8.7359 .0793  4,746  38,082
 Nov-10 8.8093 8.8666 8.7873 8.8181 8.7256 .0925  25,210  72,886
 Dec-10 8.8284 8.8681 8.7829 8.8181 8.7300 .0881  292,038  195,496
 Jan-11 8.8211 8.8622 8.7799 8.8123 8.7329 .0793  20,756  22,704
 Feb-11 8.7990 8.8651 8.7843 8.8137 8.7183 .0955  666  2,102
 Mar-11 8.8123 8.8563 8.7726 8.8152 8.7285 .0867  200  1,888
 Apr-11 8.8519 8.8519 8.7682 8.8167 8.7256 .0911  106  860
 May-11 8.8504 8.8534 8.7682 8.8196 8.7256 .0940  198  986
 Jun-11 8.8123 8.8284 8.7682 8.7990 8.7374 .0617  80  620
Turnover: 346,470 lots
Volume and open interest are in lots of 5 metric tons

Shanghai Copper
Futures Exchange Metals Stocks, in MTs
Week
Ending
Total Stock
On Warrants
Change
On Week
Total Stock
Deliverable
Change
On Week
Aug 2716,864-3,604110,582211


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U.S.Geological Survey (USGS): Copper


Statistics and Information: Copper is usually found in nature in association with sulfur. Pure copper metal is generally produced from a multistage process, beginning with the mining and concentrating of low-grade ores containing copper sulfide minerals, and followed by smelting and electrolytic refining to produce a pure copper cathode. An increasing share of copper is produced from acid leaching of oxidized ores. Copper is one of the oldest metals ever used and has been one of the important materials in the development of civilization. Because of its properties, singularly or in combination, of high ductility, malleability, and thermal and electrical conductivity, and its resistance to corrosion, copper has become a major industrial metal, ranking third after iron and aluminum in terms of quantities consumed. Electrical uses of copper, including power transmission and generation, building wiring, telecommunication, and electrical and electronic products, account for about three quarters of total copper use. Building construction is the single largest market, followed by electronics and electronic products, transportation, industrial machinery, and consumer and general products. Copper byproducts from manufacturing and obsolete copper products are readily recycled and contribute significantly to copper supply.

Copper
(Data in thousand metric tons of copper content unless otherwise noted)


U.S. Domestic Production and Use: Domestic mine production in 2008 increased by about 12% to 1.3 million tons and its value rose to about $9.4 billion. The principal mining States, in descending order of production—Arizona, Utah, New Mexico, Nevada, and Montana—accounted for more than 99% of domestic production; copper also was recovered at mines in Idaho and Missouri. Although copper was recovered at 27 mines operating in the United States, 17 mines accounted for about 99% of production. Three primary smelters, 4 electrolytic and 3 fire refineries, and 15 solvent extraction-electrowinning facilities operated during the year. Refined copper and direct-melt scrap were consumed at about 30 brass mills; 16 rod mills; and 500 foundries, chemical plants, and miscellaneous consumers. Copper and copper alloy products were used in building construction, 49%; electric and electronic products, 21%; transportation equipment, 10%; consumer and general products, 11%; and industrial machinery and equipment, 9%.(1)

U.S. Recycling: Old scrap, converted to refined metal and alloys, provided 140,000 tons of copper, equivalent to 6% of apparent consumption. Purchased new scrap, derived from fabricating operations, yielded 750,000 tons of contained copper; about 89% of the copper contained in new scrap was consumed at brass or wire-rod mills. Of the total copper recovered from scrap (including aluminum- and nickel-based scrap), brass mills recovered 72%; miscellaneous manufacturers, foundries, and chemical plants, 14%; ingot makers, 9%; and copper smelters and refiners, 5%. Copper in all old and new, refined or remelted scrap contributed about 31% of the U.S. copper supply.

U.S. Import Sources (2004-07): Unmanufactured: Chile, 40%; Canada, 33%; Peru, 13%; Mexico, 6%; and other, 8%. Refined copper accounted for 79% of unwrought copper imports.

U.S. Tariff:

Item

Number

Normal trade relations 12/31/2008

Copper ores and concentrates

2603.00.0000

1.7¢/kg on lead content.

Refined and alloys, unwrought

7403.00.0000

1.0% ad val.

Copper wire (rod)

7408.11.6000

3.0% ad val.

U.S. Depletion Allowance: 15% (Domestic), 14% (Foreign).

Events, Trends, and Issues: Although copper prices began to weaken in September, on average copper prices during the first 9 months of 2008 remained at or near record-high levels. The London Metal Exchange Ltd. (LME) price reached an alltime high of $4.08 per pound in April and averaged $3.61 per pound for the first 9 months of the year. Global commodity exchange inventories, which began the year at low levels, trended downward for the first 9 months of the year. Despite numerous announced expansions in mine capacity, estimated global copper mine production for the first 9 months of the year was slightly lower than that for the same period of 2007. Numerous factors, including labor unrest, lower ore grades, rapidly escalating production costs, technical problems, and utility and equipment shortages, contributed to lower than anticipated production. In October, concurrent with development of the global financial crisis, copper prices plummeted, the LME price falling below $1.70 per pound. Though it cautioned that the economic crisis could significantly alter projections, the International Copper Study Group6 forecast a small annual production surplus to develop by yearend that would expand to about 300,000 tons in 2009.

In the United States, mine production rose owing to the startup of two major mining projects and expanded output of existing operations. In October, however, the leading U.S. producer announced that the drop in copper prices and rising production costs would lead to revaluation of its planned global expansions. Owing to lower ore grades and increases in energy, labor, mining rates, and other input costs, the company’s U.S. production costs had risen by 48% to $1.24 per pound of copper in the first 9 months of 2008 from the comparative period in 2007. Domestic consumption of refined copper continued to trend lower owing to weaker housing and automotive demand and brass mill closings. Domestic mine production was expected to rise by more than 200,000 tons in 2009 owing to the startup of new production and increased capacity utilization, while consumption was expected to decline further.

World Mine Production, Reserves, and Reserve Base: Official reserves reported by China may include small and low-grade deposits not currently economic to develop. Significant upward revisions to reserves for Chile, Kazakhstan, Mexico, and Peru are based on tabulated data from individual company reports.

Mine Production

Reserves

Reserve Base

2007

2008 (e)

United States

1,200

1,310

35,000

70,000

Australia

870

850

24,000

43,000

Canada

589

590

10,000

20,000

Chile

5,560

5,600

160,000

360,000

China

946

1,000

30,000

63,000

Indonesia

797

650

36,000

38,000

Kazakhstan

407

460

18,000

22,000

Mexico

347

270

38,000

40,000

Peru

1,190

1,220

60,000

120,000

Poland

452

430

30,000

48,000

Russia

740

750

20,000

30,000

Zambia

520

560

19,000

35,000

Other Countries

1,840

2,030

70,000

110,000

World total (rounded)

15,400

15,700

550,000

1,000,000

World Resources: A recent assessment of U.S. copper resources indicated 550 million tons of copper in identified (260 million tons) and undiscovered resources (290 million tons).8 A preliminary assessment indicates that global land-based resources exceed 3 billion tons. Deep-sea nodules were estimated to contain 700 million tons of copper.

Substitutes: Aluminum substitutes for copper in power cables, electrical equipment, automobile radiators, and cooling and refrigeration tube; titanium and steel are used in heat exchangers; optical fiber substitutes for copper in some telecommunications applications; and plastics substitute for copper in water pipe, drain pipe, and plumbing fixtures.

(e) Estimated.
(1) Some electrical components are included in each end use. Distribution for 2006 by the Copper Development Association, Inc., 2007
(2) No tariff for Canada and Mexico for items shown. Tariffs for other countries for some items may be eliminated under special trade agreements.
(3) U.S. Geological Survey National Mineral Resource Assessment Team, 2000, 1998 assessment of undiscovered deposits of gold, silver, copper, lead, and zinc in the United States: U.S. Geological Survey Circular 1178, 21


U.S. Geological Survey, Mineral Commodity Summaries, January 2009


  
  

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