Commodities effect sees copper top $7,000
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Copper rose in early trade on Friday as positive sentiment in other commodities markets spilled over into metals, analysts said.
Metal for delivery in three months on the London Metal Exchange, a key gauge of metals markets in particular and real economic activity in general, was quoted at $7,040/7,050 per tonne at 1042 GMT, up from $6,970 at the close on Thursday.
It rose more than $200 in the previous session, and has partially rebounded from the 15 per cent dive it took in the fourth quarter of 2007, on the back of record-breaking highs in gold and oil this week. “Some of the commodities investment baskets are fairly broad-based, so if you buy oil, there’ll be some copper in there too,” analyst Mr. Nick Moore at ABN Amro said.
Copper also was boosted by data from the Shanghai Futures Exchange, which showed stocks fell 1,449 tonnes or 5.7 per cent in the week ended Thursday.
Stocks stand at 24,148 tonnes, down from around 64,000 tonnes at the end of October.
Steelmaking raw material nickel was up $750 at $29,700/29,850 per tonne, while other metals fell marginally.
ALUMINIUM DIPS
Aluminium was down $5 at $2,500/2,505 per tonne, zinc was down 35 at $2,540/2,550, lead was down $15 at $2,635/2, 655 and tin was down 50 at $16,700/16,900.
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Source : Business Line |
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