Macro data lift copper to 4-month high

Print this page Posted on : 09-03-2010 by recycleinme.com

Reuters

London, Sept. 2

Copper rose to its highest in more than four months as recent macroeconomic data from the world's two largest economies, the US and China, brightened the outlook for metals demand.

Copper for three month's delivery on the London Metal Exchange firmed to $7,670 a tonne by 09:31 GMT, compared with a close of $7,606 a tonne on Wednesday. It touched $7,675 a tonne, its highest since April 27. Falling stocks continued to offer support for copper prices as inventories now stand at 399,000 tonnes.

LME nickel gained 2 per cent to $21,590 a tonne. Lead was at $2,160 a tonne versus Wednesday's $2,115 a tonne. Zinc rose to $2,184 a tonne from $2,133. Tin traded at $21,475 from $21,450, and aluminium at $2,127 from $2,108.

Source : Business Line