Copper at 3-week peak on LME

Print this page Posted on : 11-17-2009 by recycleinme.com

Reuters London, Nov. 16 Copper hit a three-week high on Monday, boosted by a weak dollar, bad weather in the world's largest metals consumer China and improving Japanese growth data. By 1100 GMT, copper for three month delivery on the London Metal Exchange traded at $6,681.50 a tonne from $6,520 at the close on Friday. Latest LME data showed copper stocks rose 2,825 tonnes to total 406,450 - their highest level since late-April. Nickel inventories rose 132 tonnes to remain at near 15-year highs of 131,880 tonnes. Aluminium added $32.50 to $1,972.50. LME stocks for the metal used in transport and packaging fell 175 tonnes to continue a recent downward trend at 4.53 million tonnes. Steel making ingredient nickel traded at $16,500 from $16,200 while battery material lead was at $2,309 from $2,275.

Source : Business Line