Nickel declines in LME trade
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Copper snapped two days of gains in London after stockpiles jumped the most in 19 months, boosting availability of the metal used in plumbing and power cables. Nickel, lead and other industrial metals also dropped.
Copper inventories monitored by the London Metal Exchange rose 8.2 per cent to 114,275 tonnes, the biggest gain since December 2005, the exchange said in a daily report.
COPPER DIPS
Copper for delivery in three months on the LME fell $185, or 2.4 per cent, top $7,560 a tonne as of 11:20 am local time.
Metal stored at LME approved warehouses provide users with a supply of last resort, and changes to inventory levels typically indicate the balance between production and demand.
Nickel dropped $600 to $28,200 a tonne as inventories of the metal mostly used in stainless steel continued to rise.
Stockpiles climbed 6.9 per cent to 17,826 tonnes, the highest since June 2006. They have more than doubled this year.
Lead dropped $45 to $3,105. The metal traded at a record $3,500 on July 23. LME-monitored inventories declined 3.8 per cent 33,975 tonnes, the lowest since April 2.
Among other LME-traded metals, aluminium dropped $25 to $2,640, tin fell $250 to $16,500 and zinc slid $15 to $3,395.
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Source : Business Line |
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