With any uncertainty removed from last week’s presidential elections in USA and presidential appointments in China, the LME markets have been relatively steady. Only in America could two political parties raise and spent USD1.82 Billion on campaign advertising, only to have the same result as before the election. In China president Xi Jinping was appointed without any election spending, and not a single complaint has been reported in Chinese press..
China metals tender hints at stimulus drive HONG KONG, Nov 12 (Reuters) – China’s State Reserves Bureau (SRB) has issued a tender to buy 160,000 tonnes of primary aluminium from local smelters, two sources who received the tender notice said on Monday, the first clear sign Beijing is resuming metals stockpiling.
Last week, Reuters reported that China is expected to soon resume stockpiling of some base metals, including copper and aluminium, buying them from domestic smelters hurt by weak demand. But the stockpiling could mean more than support for a desperate industry, Natixis analyst Nic Brown said, arguing it could signal Beijing is ready to push ahead with a programme of more direct stimulus for the economy.
In September, China gave the green light to 60 infrastructure projects, including plans to build highways, ports and airport runways, worth more than $150 billion, as it looks to energise its economy. Many of the projects will be metals intensive.
METALS-Copper rebounds from 2-mth lows; China worries cap gains
SINGAPORE, Nov 12 (Reuters) – London copper rebounded on Monday from a two-month low hit in the previous session after Greece’s lawmakers approved a pivotal budget reform which boosted the euro, but gains are seen capped by worries over waning demand growth from top consumer China.
Chinese October trade data showed a fall off in copper imports, and these figures, combined with concerns over the fiscal health of the United States and recessionary data from Japan, have further dented demand expectations and eroded investor appetite for the metal.