Nickel slips; copper up on supply issues
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The fortunes of nickel continue to diverge from the rest of the base metals, with traders noting the metal is in the doldrums at a five-month low on Monday as prices slide closer to $30,000 a tonne.
In sharp contrast, lead and copper in particular have started the week on a positive note, steadily continuing their upwards paths amid a backdrop of supply disruptions and declines in London Metal Exchange inventories.
A backdrop of relatively high crude oil futures and a weaker US dollar are adding support for the base metals, analysts said, with further near-term gains seen.
The decline in nickel prices has been well documented, with the market now some 32 per cent lower than its May high of $51,800/tonne. As of 1010 GMT, LME nickel was trading at $35,100/tonne.
As of 1010 GMT, LME lead was trading at $2,930/tonne.
As of 1010 GMT, LME copper was trading at $7,945/tonne, up 2 per cent from Friday’s low. The other metals were slightly firmer in line with the gains in copper and lead. As of 1010 GMT, LME aluminium was up 2 per cent from Friday’s low, LME tin was up 1 per cent and LME zinc was up 3 per cent.
LME nickel inventories rose 5.5 per cent to 9,882 tonnes, the highest since July 3, 2006. Among other LME traded metals, aluminium climbed $8 to 2,820 and tin advanced $25 to $14,200. Zinc gained $20 to $3,465.
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Source : Business Line |
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