This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Copper Gains on China Import Data


NEW YORK ( TheStreet) -- Copper futures were getting a boost from improved Chinese March import data.

Copper for May delivery was rising 0.3% to $4.3175 a pound.

"On the metals side, the more detailed breakdown of Chinese March import data was encouraging in that there were broad-based rebounds noted in a number of import categories," said MF Global analyst Ed Meir. However, the extent of the bounce may have been disappointing for some, he noted.

China's refined copper imports rose 21.5% over February levels, but that didn't entirely offset February's decline of 36%.

Also, copper exports gained steam. About 37,000 tons of the metal were exported in March, a 20-fold rise over last year. This is "indicative of soft conditions in the local market," Meir noted.

Morgan Stanley Research Europe said Tuesday that it's reducing its overweight position in commodities to 4% from 6% by taking materials down to neutral from 2% overweight ahead of the expected end of the second round of quantitative easing in the U.S. in June. The team explains that commodity prices have been a key beneficiary of quantitative easing. The end of the program would result in some price pressure.

Copper giant Southern Copper Corporation (SCCO - Get Report) was falling 0.7% to $36.10, while peer Freeport-McMoRan (FCX - Get Report) was rising 1.8% to $55.76. Copper fabricator Encore Wire (WIRE - Get Report) was rising 1.8% to $25.33.

Ethanol was rising 0.8% to $2.661 a gallon for the June contract amid concern that high corn costs will impede production and a routine shutdown of plants. Corn futures are up more than 90% year-to-date on strong fundamentals.

"Just like gas, when the plants shut down we see a increase in price for ethanol," said PFG Best Senior Research Analyst Phil Flynn.

Still, fuel blenders have a good amount of ethanol inventory built up already and don't need much more ethanol for now, says MaxYield Cooperative analyst Karl Setzer. Meanwhile, plants are running at 97% of capacity as they take their annual maintenance shutdown. The plants expect to produce the biofuel at a reduced rate once they reopen, as the the producers works through cheaper, previously-booked, lower-valued corn, said Setzer.

Oil and gas giant Chevron (CVX - Get Report), a buyer and blender of ethanol, was rising 0.9% to $108.34. Royal Dutch Shell (RDS.A - Get Report), an ethanol producer, was up 0.6% to $75.53. Pacific Ethanol (PEIX - Get Report) was popping 5.7% to 50 cents. Another ethanol play, The Andersons (ANDE - Get Report), was up 2.5% to $49.58.

>>Search for Highest Dividends by Rate or Yield

More on Earnings
Today's Top Earnings
Earnings Calendar

-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

>To follow the writer on Twitter, go to Andrea Tse.

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ANDE $44.27 0.00%
CVX $106.68 0.00%
FCX $21.63 0.00%
PEIX $9.18 0.00%
RDS.A $65.37 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs