Copper zooms to 4-month high as investors
|
|
|
Fresh investment money pouring into commodities boosted industrial metals on Thursday, with copper rising to a four month high and zinc jumping 5 per cent.
Copper for three months delivery on the London Metal Exchange touched $8,280 per tonne, its highest since October 3, 2007 and was at $8,260/8,270 per tonne by 1025 GMT, up from Wednesday's close of $8,150.
''It is the sentiment behind the rise,'' an LME trader said.
Stocks of copper have fallen more than 30 per cent since the start of this year. On Thursday, inventories dropped another 2,250 tonnes to 135,375 tonnes, enough for less than three days' of global consumption.
Zinc jumped more than 5 per cent, tracking gains in other base metals and helped by short-covering. Three-months zinc touched $2,546 per tonne and was last at $2,490/2,499.5 per tonne, up $85 from Wednesday.
Three-months tin was at $17,400/17,500 per tonne, up $300 from Wednesday and just below its all time high of $17,575 hit in November.
Aluminium rallied $34 to $2,913/2,918, having touched a nine-month high of $2,925 in electronic dealing as the metal has been boosted on power shortages.
Lead rose to $3,310/3,325 from $3,276 while nickel firmed $700 to $28,800.
|
|
|
|
Source : Business Line |
|
|
|
|
|
RecycleINme.com. All Rights Reserved
