Weak dollar lifts copper

Print this page Posted on : 07-23-2010 by recycleinme.com

London, July 22

Copper hit its highest in nearly two months on Thursday, as a weaker dollar made it cheaper for non- US investors and equities rallied, but gains were capped by concerns about US economic recovery and metals demand. Benchmark copper for three- month’s delivery on the London Metal Exchange traded at $ 6,941 a tonne in official rings from a close of $ 6,850 a tonne on Wednesday. It earlier hit $ 6,900 a tonne, its highest since May 28. Aluminium traded at $ 2,025 from $ 2,008. Zinc was at $ 1,931 a tonne from $ 1,915 and battery material lead was quoted at $ 1,914/ 1,915 a tonne from $ 1,865. Tin was quoted at $ 18,350/ 18,400 a tonne from a last quote of $ 18,370/ 18,375 on Wednesday and nickel was quoted at $ 19,870/ 19,875 a tonne. — Reuters

Source : Business Line