Aluminium near 9-month high on LME
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Copper's rally stalled on Wednesday as the market paused to take stock of recent sharp gains and mull fundamentals, while aluminium hovered near nine-month high.
Copper for three-month delivery on the London Metal Exchange was lower at $8,110/8,130 by 1053 GMT compared with $8,195 on Tuesday, when it touched a four-month high of $8,225 a tonne, a 20 per cent gain since the start of January.
Copper stocks
Falling stocks of copper in LME warehouses, which at around 137,000 tonnes, are the lowest since the middle of October, have also helped boost prices. Stocks are 30 per cent below the levels seen at the beginning of January.
Over the same period a small discount, or contango, for cash copper over the three-month contract has turned into a premium, or backwardation, of about $75 a tonne.
''Even if prices don't go higher, the downside will be supported,'' said Mr Robin Bhar, analyst at UBS. ''It's going to require a lot of buying to get through big resistance at $8,300 ... It might make some sense to take profits.''
Aluminium was at $2,859/2,863 a tonne from $2,869 on Tuesday. Earlier on Wednesday it touched $2,873 a nine-month high.
Zinc was at $2,380/2,395 a tonne from $2,445 on Tuesday, lead was at $3,125/3,145 from $3,150, tin was at $17,000/17,100 from $17,045/17,050 and nickel was at $27,900/28,100 from $28,200.
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Source : Business Line |
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