Copper recovers in LME trade

Print this page Posted on : 06-12-2007 by recycleinme.com

Copper and nickel prices rebounded in London Metal Exchange business on Monday after Friday’s dollar-led fall, traders and analysts said.

Copper was quoted at $7,265 / 7.285 per tonne by 0917 GMT, up $125 or 1.8 per cent from Friday’s close.

STOCKS DECLINE

Stocks of unused copper in LME – registered warehouses fell 900 tonnes to 120,550 on Monday. Stocks have dropped more than 40 per cent since the end of January, when they were at their highest since March 2004.

Nickel, a key input for the stainless steel industry, was quoted at $43,200 / 43,400 up 2.4 per cent from Friday’s close. Aluminium which, compared with other LME metals, has performed steadily since the start of the year, was up $25 at $2,715 / 2,720.

Zinc was up $90 at $3,720 / 3,740, tin was $25 higher at $13,900 / 14.000 and lead was up $45 at $2,315 / 2,325.

Source : Business Line