Bloomberg reported that copper declined as European finance ministers held back a rescue package for Greece fueling concerns that Europe’s sovereign-debt crisis may curb global economic growth.

Metals News:
1. Copper imports by China, the largest user, fell for the first time in 8 months in January after a week long holiday slowed customs clearance. Scrap copper purchases halved.

2. Copper stockpiles monitored by the Shanghai Futures Exchange gained 18,311 tonnes to 198,202 tones this week.

3. Copper traders turned bullish for the first time in 7 weeks on mounting confidence that global growth will strengthen, diminishing stockpiles after a year in which mine production fell by a record amount.

4. Indonesia will ban exports of raw metals including copper, iron, nickel and bauxite starting in 2014.

5. Xstrata Plc and Indophil Resources NL’s Philippine venture has appealed the government’s decision denying its environmental clearance application, Sagittarius Mines Inc.

(Sourced from Reuters)