LME copper improves further

Print this page Posted on : 01-01-2010 by recycleinme.com

Reuters

London, Dec. 31

Copper prices rose more than 1 per cent to a fresh 16- month high on Thursday, on course for a 140 per cent year- onyear rise as fund buying and optimism buoyed prices on the final trading day of 2009.

By 1112 GMT, copper for three- month delivery on the London Metal Exchange traded at $ 7,407 a tonne from $ 7,330 at the close on Wednesday. Used in power and construction, copper earlier touched $ 7,423.75, its highest since Sept. 1, 2008.

The bullish mood that has lifted copper prices by more than 140 per cent this year is seen by many analysts as setting the tone for early 2010.

Source : Business Line