Risk aversion drags copper

Print this page Posted on : 09-08-2010 by recycleinme.com

London, Sept. 7

Copper prices fell 2.5 per cent on Tuesday, moving away from four-month highs as a strong dollar and risk aversion weighed on industrial metals.

Benchmark copper for three-month delivery on the London Metal Exchange traded at $7,520 a tonne from $7,705 at the close on Monday and compared with a session low at $7,496.25.

Latest LME data showed that on Monday, copper stocks slipped 1,400 tonnes to 395,475 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid-February.

Aluminium traded at $2,137 in LME rings versus a last bid at $2,193 on Monday. LME stocks for the metal, used in transport and packaging, fell 4,575 tonnes to remain near record levels at 4.41 million tonnes.

Steel making ingredient nickel traded at $21,675 in exchange rings from $22,150 while battery material lead was at $2,150.50 from $2,197.

Zinc traded at $2,164 a tonne in LME rings from $2,196 and tin was at $20,800 from $20,850.

Source : Business Line