Chinese exports drive lead to new high
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Lead prices soared to new record highs on Monday as the market fretted about shipments from China, while copper touched a two –week high on supply woes.
Lead for three months delivery on the London Metal Exchange touched an all-time high of $2,430 a tonne in early European trade, before easing to $2,400/2,420 at 1011 GMT, up $35 from Friday.
“Concerns over Chinese exports are driving lead prices”, Calyon’s metals analyst Mr. Michael Widmer said. China started imposing a 10 percent tax on exports of unwrought refined lead from June 1, a move which many predict will sharply cut supplies from the world’s biggest producer.
The country produced 2.68 million tones of lead last year, of which about one-fifth was exported.
COPPER AT 2-WEEK HIGH
Three-month copper on LME hit $7.630 a tonne, its highest since June 5, underpinned by a string of looming strikes and low inventories.
It was last at $7,565 / 7,580 a tone, up $65 from Friday’s close.
Nickel, which has lost more than 10,000 or 25 percent since its all-time high of $51,800 in early May, was $450 down at $41,750/ 41,900, while zinc was $15 softer at $3,730 / 3,750.
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Source : Business Line |
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