Copper rises on China imports, falling stocks

Print this page Posted on : 03-11-2010 by recycleinme.com

London, March 10

Copper prices rose on Wednesday, as data showing stronger- than- expected Chinese imports of the metal quelled some concerns that demand might be softening in the world’s top base metals consumer.

Copper for three- month’s delivery on the London Metal Exchange was at $ 7,532 a tonne at 1045 GMT from $ 7,510 at the close on Tuesday.

Imports of unwrought copper, a key ingredient for China’s manufacturers and its fast- expanding power sector, outstripped forecasts by rising 10.3 per cent to 322,282 tonnes, or 22.2 per cent based on a daily average.

STOCKS DROP

A trend of falling LME stocks remained a key support for copper, with stocks down 700 tonnes on Tuesday to 538,175 tonnes.

Capping gains, however, the dollar rose against a basket of major currencies, making dollar- priced metals costlier for holders of other currencies.

The euro fell against the dollar as investors continued to fret about debt problems in euro zone countries such as Portugal and Greece.

Aluminium traded at $ 2,253 from $ 2,258. LME stocks of the metal, used in transport and packaging, fell 5,150 tonnes to some 4.5 million tonnes, their lowest level since July.

Zinc was at $ 2,378.75 from $ 2,375 and battery material lead was at $ 2,278 from $ 2,240.

Tin traded at $ 17,600 from $ 17,550 and nickel was at $ 22,275 from $ 22,250.

Source : Business Line