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

Copper Aims To Test Record Highs...........

Copper closed the week at 359.30, and remains well above the 50 day moving average of 345.58

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Copper closed the week up 7 dollars and now sits just below the 50 day moving average of 345.62

Copper remains range bound and continues to trade below the 50 and above the 200 day moving average.

Copper has strong support at the 200 day moving average of 315. Prices have bounced off this level twice in recent weeks.

Industrial Metal Closing Prices 6-01-07

Metal LB in USD Cash 3 Month 15 Month

Copper 3.4067 3.3657 3.0663

Aluminum 1.2589 1.2755 1.2256

Nickel 22.8838 21.5888 17.6765

Lead 1.0664 1.0682 .9367

Zinc 1.6831 1.6831 1.5073

Industrial Metal Closing Prices 5-25-07

Metal LB in USD Cash 3 Month 15 Month

Copper 3.2396 3.2296 2.9778

Aluminum 1.2487 1.2623 1.2188

Nickel 23.1332 21.3438 18.0076

Lead .9779 .9866 .8868

Zinc 1.6375 1.6332 1.4869

Industrial Metal Closing Prices 5-18-07

London Metal Exchange May 18 '07
USD/LB Cash 3m 15m
Nickel 23.7229 22.2283 18.1551
Lead .9049 .9163 .8292
Tin 6.3049 6.2596 5.8627
Zinc 1.6468 1.6520 1.4982

USD/LB Cash 3m 15m
Aluminum 1.2614 1.2769 1.2261
Alum Alloy .9938 1.0138 1.0591
NA Alloy .9893 1.0115 1.0433
Copper 3.2931 3.2749 3.0028

Copper rallied on Tuesday on stronger than anticipated demand from China.

China's imports of copper and copper products from January through April are estimated at 1.1 million metric tons.

China's imports of refined copper, anode and copper alloy in April stood at 304,672 tons.

That was down by 6.5 percent from March's record of 307,740 tons but exceeded expectations.

Nickel prices gained $1,800 to $50,850 a ton

Zinc traded down by $19 at $3,936 and Lead moved up by $9 to $2,084 a ton

Zinc is currently up almost 40 percent since early February.

Copper prices fell in Shanghai trading on Monday, after a 25% rise in copper stocks last week. However, dealers said London prices could regain $8000 a ton on a positive technical outlook.

Shanghai July copper was at 68 880 yuan a ton at the close, down 540 yuan from Friday. Prices earlier climbed over 1 percent before easing.

"Imports will probably be fairly high again for April and I think that is why there is some selling around. May is quite often the peak for metals prices in the first half, so the market may be under pressure," a dealer in Shanghai said.

China'a refined copper imports were up nearly 150% in March to more than 200 000 tons and imports in the first quarter were almost 500 000 tons.

Peru's largest mining union has declared an end to their 5 day strike.

Union officials report that the government has responded to a number of its demands for greater benefits and improved conditions for contract workers.

"We have agreed to suspend our strike starting today," Luis Castillo, leader of the National Federation of Metallurgic and Steel Miners, told a news conference.

Copper hit a new 11 month high on Friday and nickel and lead set new contract highs.

Concerns over supplies and inventories, as well as a decline in the US Dollar continue to buoy price.

Many markets in Asia were closed this week due to the May Day holiday thus reducing liquidity across the global markets.

Peru continues to be an area of concern as 30,000 mining workers remain on strike. The miner are demanding higher wages and will vote later today on extending the strike.

A continued nationwide strike among miner in Peru, as well as strong demand from the US and Europe, moved copper prices higher on Thursday.

The LME reports further decline in copper inventories. Stocks have dropped by nearly 30,000 tonnes since the beginning of April. At 2.46 pm, LME copper for three-month delivery was up at 8,015 usd a tonne against 7,745 usd at the close Friday.