Monday can be the day where one will see some buying coming as per the early indications. Both Shanghai and COMEX exchanges are witnessing some calm in the markets coming in metals. Copper contracts in both these exchanges are trying to build after loosing ground.
Panic selling persisted in metals markets last week, as the focus remained on the hike in interest rates in China. The rise in US jobless claims and fears of non-farm payrolls earlier on Friday, continued to trouble industrial metals.
U.S. unexpectedly showed a notable increase in the jobless claims for the week ended 30 April 2011. The report showed that jobless claims rose by 43000 to 474000 from the previous week's revised figure of 431000.
The U.S. economy continued to add jobs at a stronger rate than expected in April. US added 244000 jobs in April, according to figures released by the Labor Department. This included 268000 new private sector jobs, offsetting a loss of 24000 government positions.
Shanghai inventories showed a sharp decline yet again indicating that the cuts in stockpiles are going to London metal warehouses. Copper inventories in Shanghai are 123042 tonnes down 5226 tonnes.
Constant declines in Shanghai inventories have taken stocks to late December 2010 levels. In LME, Copper stockpiles were down marginally at 467175 tonnes, down 275 tonnes. But the levels are at June 2010 highs.
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