Copper may drop on speculation

Print this page Posted on : 06-26-2009 by recycleinme.com

Copper, little changed in London and New York, may decline on speculation that China, the largest consumer of the metal, will buy less.

Copper has risen 64 per cent in London this year as Chinese imports rose to a record.

Copper for delivery in three months traded $40, or 0.8 per cent, lower at $5,015 a tonne as of 2 p.m. on the LME. Copper futures for September rose 0.1 per cent to $2.2835 a pound on the COMEX division of the New York Mercantile Exchange.

Aluminium fell 0.8 per cent to $1,646 a tonne. Nickel fell to $15,430 a tonne. Lead rose 0.2 per cent to $1,708 a tonne, while zinc declined 0.4 per cent to $1,605 a tonne and tin retreated 0.1 per cent to $14,730 a tonne.

Source : Business Line