Copper, aluminium fall on slowing demand growth
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Copper and aluminium fell in London on indications demand growth in China, the world's largest consumer of all industrial metals, may slow as manufacturing contracted for the first time since a survey began in 2005. Copper for delivery in three months fell $83, or 1 per cent, to $7,972 a tonne as of 10:56 a.m. on the London Metal Exchange. Aluminium declined $34, or 1.1 per cent, to $2,945 a tonne.
Copper inventories expanded 2,250 tonnes, or 1.6 per cent, to 144,650 tonnes, the highest since Feb. 28, according to the exchange's daily data. Including those monitored by exchanges in Shanghai and New York, they total 187,225 tonnes, or 3.6 days of global consumption, according to Bloomberg calculations. Last year's average was 4.9 days.
Limited Supply
Limited supply growth will limit declines in copper and aluminium, according to a Deutsche Bank AG report. ''Global copper inventories are also at critically low levels, leaving the market vulnerable to supply shocks,'' the bank said in the report. ''The global aluminium market is vulnerable to energy crises'' in China and South Africa, which are major production areas, the report said.
Nickel rose $22 to $18,372 and lead lost $75, or 3.4 per cent, to $2,135 a tonne. Tin lost $550, or 2.5 per cent, to $21,650 a tonne and zinc fell $25, or 1.4 per cent, to $1,876 a tonne.
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Source : Business Line |
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