London copper holds to range on possible U.S. fiscal deal London copper was clinging to a tight range on Tuesday as markets awaited detail on a possible resolution to the U.S. fiscal deadlock, while Shanghai copper rallied to one-week highs chasing overnight gains in London. * Three-month copper on the London Metal Exchange was little changed at $7,259.50 a tonne by 0107 GMT from the previous session when it gained 0.8 percent. * The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.91 percent to 52,350 yuan ($8,600) a tonne. It earlier reached its highest in one week at 52,390 yuan. * U.S. senators said they were closing in on a deal Monday that would reopen the government and push back a possible default for several months, though many hurdles remained as a Thursday deadline drew near. * Chinas central bank appeared to underline its commitment to currency reform on Monday by allowing the yuan to rise to a record high against the dollar despite signs of unexpected weakness in exports. * Output from the euro zone factories returned to growth more strongly than expected in August, showing its strongest expansion in more than two years driven by a rebound across all sectors. * Global miner Rio Tinto could be forced to amass a mountain of copper concentrate at its new $6 billion Oyu Tolgoi mine in Mongolia while Chinese buyers resolve a lengthy customs impasse with their government.
Posted on: Tue, 15 Oct 2013 01:53:50 +0000
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