Copper dips on weak demand

Print this page Posted on : 10-31-2009 by recycleinme.com

London, Oct. 30

Copper prices edged lower on Friday as worries over still weak demand resurfaced, temporarily outweighing optimism garnered from better-than forecast US growth data.

Benchmark copper on the London Metal Exchange traded down at $6,625 a tonne at 1023 GMT from a close of $6,664.50 on Thursday, when the metal used in power and construction closed up nearly 4 per cent on the day.

Among other industrial metals, aluminium, used in transport and packaging, was down at $1,950 from $1,955.

LME inventories fell 5,550 tonnes but remained near record levels of around 4.5 million tonnes.

Inventories in Shanghai rose 2 per cent on the week, while zinc stocks surged to 145,536 tonnes from 117,706 tonnes.

Zinc, used to galvanise steel, fell to $2,230 from $2,265, under pressure from the Shanghai stocks data, but still on course for a 13 per cent gain this month.

In other metals traded, battery material lead was at $2,349.25 from $2,365, tin was at $14,900 from $15,000 and steel-making ingredient nickel was at $18,575 from $18,690.

Source : Business Line