Copper hits week’s high as inventories slide

Print this page Posted on : 03-18-2010 by recycleinme.com

London, March 17

Copper hit a one- week high on Wednesday as the dollar slipped, inventories fell and talk of a Chinese yuan revaluation helped boost sentiment.

Benchmark copper on the London Metal Exchange saw a session high of $ 7,547.25 a tonne.

The metal used in power and construction was trading at $ 7,539 a tonne at 1045 GMT from $ 7,400 at the close on Tuesday.

Stocks of copper in LME warehouses are down 26,750 tonnes since March 1 to a 2month low of 525,575 tonnes.

ALUMINIUM RISES

Aluminium, used in transport and packaging, hit a twomonth high of $ 2,293 a tonne. It was last at $ 2,290 a tonne from $ 2,258 at the close on Tuesday.

Aluminium cancelled warrants stand at 6.7 per cent of total stocks at 4,546,025 —nearly 95,000 tonnes below the record high above 4.64 million tonnes hit on January 21.

Zinc, used to galvanise steel, was trading at $ 2,357 a tonne from $ 2,307 on Wednesday and battery material lead at $ 2,282 a tonne from $ 2,220.

Tin was at $ 17,800 a tonne from Tuesday’s last bid at $ 17,550 a tonne. Stainless steel ingredient nickel at $ 22,240 from $ 21,875.

Source : Business Line