Copper gains on LME

Print this page Posted on : 02-27-2010 by recycleinme.com

London, Feb. 26

Copper rose more than 2 per cent on Thursday as a weaker dollar encouraged funds to buy, but lingering concerns over recovery prospects coupled with large rises in Shanghai stocks kept gains in check.

Benchmark copper for three-month's delivery on the London Metal Exchange traded at $7,105 a tonne at 1028 GMT from a close of $6,999 on Thursday. Prices of the metal used in power and construction hit a day's high of $7,165. Aluminium was at $2,101.25 a tonne from $2,086.

Battery material lead was at $2,165 from $2,150, under pressure from a 2,050 tonne gain in LME stocks to 165,075 tonnes, and from the restart of Ivernia's Magellan mine in Australia.

Tin was at $16,840 from $16,700, and nickel was at $20,535 from $20,350.

Source : Business Line