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DJ MARKET TALK: Copper May Slip Toward $6,500 N/T

DJ MARKET TALK: Copper May Slip Toward $6,500 N/T

Copper may slip towards $6,500/ton if risk aversion spikes in the near-term, Bank of America-Merrill Lynch says in a report. However, prices may move toward $8,000 as economic activity in key metal consuming nations reaccelerate moving into 2H, it says. “We note that micro indicators have already started to improve,” the house says; it adds, copper inventories in China have fallen to levels at which destocking often started to decline, semi-finished production rises 18% on-year in March and availability of scrap-a key raw material for smelters/refiners and manufacturers-has been tight. In aluminum, the house says the spot market remains tight due to financing deals. LME 3-month copper is at $6,800/ton, up $10 and aluminum is at $1,828/ton, up $4 from its previous close. (arpan.mukherjee@wsj.com)

For full article: http://www.metalprices.com/news/article/DN/20130501019654/dj-market-talk-copper-may-slip-toward-6-500-n-t–boa-ml



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