Copper Falls Below 50 dma Intraday

Copper prices fell below the 50 day moving average of 354.41 before rebounding to close at 357.35 in trading on Monday.

Strength in the US Dollar is continuing to pressure copper prices.

Copper futures for June delivery in Shanghai fell 0.9 percent, or 600 yuan, to 63,760 yuan ($9,039) a ton, and closed at 63,960 yuan a ton.

Copper Futures broke above the 50 day moving average on Tuesday.

The Shanghai Futures Exchange reports that copper stockpiles in China declined last week by 18.4 percent to 73,241 tons. This represents the lowest level since May. China is the world's largest consumer of copper.

Mining Stocks Surge On Positive News From Peru

Mining stocks surged on Friday amid reports that the August 15 Peruvian quake had "little impact on mining operation".

Among Friday's leading mining stocks.........

Southern Copper Corp. (NYSE PCU)
Last Trade: 90.63
Trade Time: Aug 17
Change: Up 6.09 (7.20%)

Freeport-McMoRan Copper & Gold Inc. (NYSE FCX)
Last Trade: 76.90
Trade Time: Aug 17
Change: Up 3.83 (5.24%)

BHP Billiton Ltd reports that the Peruvian quake had "no impact" on operations at it's Antamina copper and zinc mine.

``At this stage we have no impact on our Antamina operations,'' Mark Lidiard, a London-based spokesman for BHP Billiton, said today in an e-mail. Melbourne, Australia-based BHP Billiton owns 33.75 percent of Antamina, Peru's largest copper mine. Xstrata Plc, based in Zug, Switzerland, holds a matching stake.

Metal Markets Digest Impact Of Peruvian Quake

Mining companies throughout Peru are currently assessing the impact and possible damage caused by Wednesday's earthquake. The U.S. Geological Survey reports the earthquake hit at 7:40EDT in an area 90 miles southeast of Lima at a depth of approximately 25 miles. The quake had a magnitude of 7.9

Mining-Profits.com will have updated news and information as it becomes available.

Companies with mining operations in Peru:

* NEWMONT MINING CORP
* SILVER STANDARD RESOURCES INC.
* CHAPLEAU RESOURCES LTD.
* CIA. MINERA ALGAMARCA S.A.
* EQUINOX MINERALS LIMITED
* GITENNES EXPLORATION INC.
* INCA PACIFIC RESOURCES INC.
* MACMILLAN GOLD CORP
* SOUTHERN PERU COPPER
* PERU COPPER INC
* FREEPORT-MCMORAN COPPER AND GOLD