Chinese import data lifts LME copper
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Copper recovered on Tuesday from a sharp fall in the previous session, lifted by stronger than expected import data from China, the world’s top consumer of the metal, suggesting robust demand is set to continue.
But analysts said investors were wary of adding new positions from these price levels and there was still room for further profit – taking.
Copper for three-months delivery on the London Metal Exchange rose to $7,715 / 7,735 a tonne, up $60 from its close on Monday, when it slid by 3 per cent.
China’s imports of refined copper, anode and copper alloy in April fell 6.5 per cent to 205,053 from March’s record of 219,359 tonnes, customs figures released on Tuesday showed.
BULLISH OUTLOOK
Strong demand outlook, falling inventories and worries about supply disruptions have lifted copper prices 32 per cent in 2007 to hit $8,335 a tonne, its highest in almost a year.
Stocks of copper in LME registered warehouses fell 1,175 tonnes to 141,300 tonnes. Nickel prices, which fell 3 per cent on Monday gained $750 to $49,800 / 50,000 while lead rose as high as $2,080 a tonne, and was last quoted at $,070 / 2,080 against $2,075 on Monday.
Zinc was down by $30 at $3,920 / 3,940 and aluminium was last quoted at $2,828 / 2,832 versus $2,830.
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Source : Business Line |
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