Copper declines on stock rise
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Industrial metal slipped in London Metal Exchange business on Friday after a threatened mine strike in Mexico was called off, and stocks of unused copper in Shanghai rose.
Copper for delivery in three months, often seen as a bench-mark for the metals market and a gauge of economic growth in general, was down $65 at $7,400 / 7,410 per tonne at 0902 GMT.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 6 per cent week-on-week, the exchange said on Friday.
Rising imports in the first five months of the year have pushed stocks of copper in Shanghai up three-fold to just short of 100,000 tonnes as the market struggles to digest a record influx of metal.
At its current price, copper is up 21 per cent up on the start of the year, but more than $1,000 below the all-time peak it hit last May.
Prices of metals and other commodities have fallen as investors new to these markets withdraw money in favour of less risky assets as the threat of higher interest rates has loomed.
Aluminium, the LME’s biggest contract in terms of transacted volumes, was down $5 at $2,724 / 2,729. Earlier this week it traded down to $2,665, its lowest since February.
Nickel, which earlier this week fell 6 per cent as stocks of unused metal rose, was down $400 at $41,500 / 41,700.
Lead was down $20 at $2,330 / 2,341, zinc was down $29 at $3,690 / 3,700 and tin was down $175 at $13,900 / 14,100.
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Source : Business Line |
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