Copper improves in LME trade
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Copper rose on Wednesday as the dollar weakened, but gains were capped by concerns about demand from China, the world's biggest consumer of the metal. Copper for delivery in three months on the London Metal Exchange rose to $7,560 per tonne in official rings from $7,580 on Tuesday. LME inventories for copper, used in the construction and power industries, rose 950 tonnes to 167,850, the highest level since February 6.
VOLATILITY
Miner Antofagasta said on Wednesday that it expects fundamentals for the copper market to remain sound with prices remaining strong well into 2009, despite a softening of prices in the seasonally weaker third quarter. However, it anticipates recent volatility to continue amid ongoing uncertainty in financial markets and the increased role of investment funds in commodity markets.
The comments came as the London-listed Chilean miner posted better-than-expected earnings in the first half.
Aluminium was steady at $2,776 a tonne from $2,768.
Zinc rose to $1,799 from $1,790 a tonne, as stocks of the metal used to galvanise steel declined 1,300 tonnes to 161,225.
Three-month lead rose 5.1 per cent to $1,950 a tonne, a two-week high, as inventories in LME warehouses fell 3,050 tonnes to 83,375 tonnes, the lowest level since June 13.
The metal was last quoted at $1,925/1,930 from Tuesday's close of $1,855.
Nickel increased to $20,550 versus $20,300, while tin reversed an earlier gain and was last quoted at $20,450/20,475 from $20,700.
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Source : Business Line |
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