Copper dips on rising stocks

Print this page Posted on : 02-27-2008 by recycleinme.com

Copper drifted lower on Tuesday as rising inventories weighed on prices but bargain hunting trimmed losses and tin touched a record high, traders and analysts said.

Copper for delivery in three months on the London Metal Exchange was at $8,155/8,175 per tonne by 0958 GMT, down $45 from Monday's close.

The metal, used extensively in the construction industry, has gained around 21 per cent since early February and hit $8,485 per tonne on Monday, its highest since May 2006. Stocks of copper in LME warehouses fell by a modest 100 tonnes to 149,125 tonnes, after gaining more than 13,000 tonnes since last Wednesday. Three-months tin prices hit a fresh record high on Tuesday, touching $17,850 per tonne. The metal was last at $17,800/18,000 per tonne, up $30 from Monday's close of $17,770.

Zinc was softer at $2,455/2,465 per tonne from $2,498 while aluminium was at $2,886/2,891 per tonne.

Lead was down at $3,200/3,220 per tonne compared to a last quote of $3,220/3,225 while nickel was at $28,000 from $28,255/28,260.

Source : Business Line