Copper rallies to 2-month high

Print this page Posted on : 07-24-2010 by recycleinme.com

London, July 23

Copper rallied to a two-month high on fund buying, but unease about the results of European bank stress tests due later on Friday and simmering demand worries are expected to check gains.

Aluminium, lead and zinc rose to $2,070, $1,970 and $1,962 a tonne respectively, their highest since May. Tin saw a three-month high of $18,800 and nickel hit $20,631 a tonne — a level last seen on June 1.

Benchmark copper on the London Metal Exchange rose to $7,090 a tonne, its highest since May 14.

Aluminium was at $2,023 a tonne from Thursday's last bid at $2,044 a tonne.

Zinc eased to $1,921 a tonne from $1,948.5 at the close on Thursday, lead was untraded in the rings but was last quoted at $1,953/1,953.5 a tonne and nickel at $20,500. Tin was at $18,700 from Thursday's last bid at $18,550.

Source : Business Line