Metalnewsnet 22 Mar:

Shanghai copper is expected to open lower on Monday, tracking a decline in London copper prices in the previous session, and as the dollar strengthened on financial uncertainties in Greece.

FUNDAMENTALS

Three-month copper on the London Metal Exchange MCU3 fell $51 to close to $7,435 a tonne on Friday, but recovered to $7,445 in after-hour trading.

When Shanghai closed on Friday, LME copper stood at $7,540 a tonne.

LME copper retreated on a stronger dollar and mounting concern about Greece's debt crisis, while a 9-percent weekly jump in Shanghai's copper stocks added to worries about demand from the world's largest copper consumer.[ID:nBJD003600]

But metals consumption in China will continue to drive demand for years, despite tightening credit in China, according to Societe Generale. [ID:nLDE62I1TA]

On the supply side, Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research) said on Friday its copper mining subsidiary Southern Copper Corp PCU.N had closed its copper smelter in San Luis Potosi, Mexico, which had an annual capacity of 230,000 tonnes.[ID:nN19141186]

Copper scrap shipments to China may fall in April as a new customs rule to fight duty evasion takes effect and demand falls as the government tries to cool a construction boom, industry sources said on Friday.[ID:nTOE62H07K] MARKET NEWS

The dollar jumped against the euro on Friday on speculation that debt-laden Greece may have to turn to the International Monetary Fund for help, rather than its euro-zone neighbours. [USD/]

The Dow industrials snapped an eight-session winning streak on Friday, as renewed worries about Greece sparked a climb in the dollar and weighed on U.S. stocks.[.N]

information from in.reuters.com

Editor: KylinTse