Reuters reported that London copper rebounded from 2 week lows hit in the previous session as traders betting on Q4 recovery in top metals consumer China bought into the weakness although persistent concerns over European sovereign debt capped gains.

Fundamentals;
1. Three month copper on the London Metal Exchange had risen 0.67% to USD 81,475 per tonne by 0127 GMT reversing losses from the previous session when it hit two-week lows of USD 8,082.

2. Prices which were down by more than 10% on the year in June have since rallied to log gains of 7.5% for the year so far after the US Federal Reserve and the European Central Bank announced stimulus measures earlier this month.

3. The most-traded January copper contract on the Shanghai Futures Exchange was little changed at CNY 59,100 per tonne.

4. Greece's international official lenders are at loggerheads over how to solve Athens' debt crisis, threatening more trouble for the euro.

5. Demonstrators clashed with police on the streets of Athens and Madrid in an upsurge of popular anger at new austerity measures being imposed on two of the euro zone's most vulnerable economies.

6. New US home sales held near 2 year peaks in August and prices vaulted to their highest level in more than 5 years adding to signs of a broadening housing market recovery.

7. Colombia will renegotiate out dated contract terms including royalty payments for BHP Billiton's Cerro Matoso nickel mine in a bid to get a better deal for the Andean nation.

8. Russia's Norilsk Nickel, the world's largest nickel and palladium miner, is taking its push to boost reserves to Africa where it is considering deals and the acquisition of copper, nickel and platinum licences.

Source - Reuters

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