Aluminium, copper fall in LME trade

Print this page Posted on : 01-09-2010 by recycleinme.com

London, Jan. 8 Copper dipped lower on Thursday as a combination of index reweighting and concerns over Chinese monetary tightening weighed, while investors eagerly awaited key US jobs data.

By 1031 GMT, copper for three month delivery on the London Metal Exchange fell to $ 7,468 a tonne from $ 7,535 and compared with a session low at $ 7,465. On Thursday, copper hit a fresh 16- month high at $ 7,796.00,.

STOCK FEARS

Analysts say base metal prices may have overrun the fundamentals outside of China, which remain weak.

Highlighting this, LME copper stocks continue to rise, with the latest data showing inventories rose 3,150 tonnes to total 510,625 — their highest level since March.

Aluminium fell $ 28 to $ 2,282. LME stocks for the metal, used in transport and packaging, fell 2,000 tonnes but remain near record levels above 4.6 million tonnes.

Nickel traded at $ 18,149 from $ 18,455 while battery material lead was at $ 2,537 from $ 2,600. Nickel inventories climbed 168 tonnes to record levels at 158,982 tonnes.

Zinc traded at $ 2,533 a tonne from $ 2,607 and tin was at $ 17,450 from $ 17,475.

LME zinc stocks gained 650 tonnes to 490,750 tonnes to touch their highest level since October 2005.

Source : Business Line