China absence dampens sentiment in copper
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Copper was steady on Thursday with a weaker dollar supporting prices, but due to a lack of Chinese buying prices were seen drifting lower, analysts said. In other metals, zinc prices fell as investors booked profits following sharp gains earlier this week on concerns that a big earthquake in China would disrupt supplies. Copper for delivery in three months on the London Metal Exchange gained $20 to $8,140/8,160 by 0849 GMT, after losing 1.5 per cent in the previous session.
Stocks decline
Falling LME stocks were also supportive, 575 tonnes lower to 120,850, down by almost 40 per cent since the start of 2008. But stocks have risen by 10 per cent since May 2, taking copper prices some 3 per cent lower during the same period. A lack of Chinese buying was seen dampening sentiment. China's imports of unwrought copper fell 3.1 per cent to 148,060 tonnes in April from the previous month. Imports in the first four months were 617,078 tonnes, down 17.2 per cent from a year earlier, customs figures showed. Three-month zinc dropped $20 to $2,265/2,275 a tonne. Lead shed $20 to $2,235/2,245 a tonne, after a 2.6 per cent slide on Wednesday, while nickel rose to $26,650/26,750 from $26,500/26,600. Tin traded at $25,100/25,200 versus $25,150/25,155.
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Source : Business Line |
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