http://www.sina.com.cn 2007年02月09日 10:23
06:32 09Feb07 RTRS-CORRECTED - COMMODITIES-Copper closes off lows after Red Kite news
(Corrects copper price change in paragraph four to down 0.45
cent from down 4.5 cent.)
By Barani Krishnan
NEW YORK, Feb 8 (Reuters) - U.S. copper futures ended down
but sharply off their lows on Thursday after a metals-oriented
hedge fund which has suffered sharp losses lately convinced
investors to give longer notice to pull out their money.
Among other commodities, oil surged 3.5 percent to close at
nearly $60 a barrel [ID:nSP149554]. That pulled up commodity
indexes heavily weighted on energy. The S&P GSCI <.GTX> jumped
2.2 percent to 5,566.91. The Reuters/Jefferies CRB Index <.CRB>
settled 1.5 percent up at 303.45.
Elsewhere, gold rose nearly 1 percent to settle above $660
an ounce. Grains from corn to wheat and soybeans also rallied
as investors positioned themselves ahead of key crop reports
due from the U.S. Department of Agriculture on Friday.
Copper for March delivery
the New York Mercantile Exchange ended down 0.2 percent, or
0.45 cents, at $2.4505 a lb.
The benchmark contract had fallen as much as 3 percent, or
around 6.7 cents, during the day, tracking losses in copper
trades on the London Metal Exchange. Prices currently are about
40 percent lower than the record of more than $4 a lb in seen
on COMEX in May 2006.
Thursday's trade in New York began with the typical slide
copper has seen in recent days. But the market pulled back from
its lows on the back of positive news related to the $1 billion
hedge fund Red Kite, which is nursing double-digit losses after
190 percent growth in 2006.
"I think the Red Kite story probably did inspire the
recovery," said William O'Neill, executive director at
commodities brokerage LOGIC Advisors. "The story had a lot of
circulation, I've had a number of calls about it today."
People familiar with the performance of Red Kite -- a
London-based fund with operations in New York -- said it lost
roughly 20 percent in the first days of January. As news of its
losses spread last week, copper prices fell to a 10-month low.
Last week, Red Kite said it had asked investors to approve
a redemption notice of 45 days before the end of a quarter --
instead of 15 days -- to get their money out. It said on
Thursday shareholders had voted "overwhelmingly" for the plan.
"When something has gone up 190 percent in a year, it has
every right to give back 20 to 30 percent even 40 percent of
that value when the price declines a little bit," said a New
York metals trader.
"They (Red Kite) asked their shareholders for an extension
and the shareholders granted it to them, which implies that
there isn't a big panic among shareholders," the trader said.
O'Neill said copper prices could be in for a sharp rebound
if COMEX's March contract moves even lower after Thursday's
test of the $2.40 a lb support. He put major support for March
at $2.25 and resistance $2.55 near-term.
London Metal Exchange's three-months copper contract
also traded down 3 percent to $5,260 a tonne before a technical
rebound helped it close just $10 down at $5,415.新浪声明：本版文章内容纯属作者个人观点，仅供投资者参考，并不构成投资建议。投资者据此操作，风险自担。