Aluminium, copper rule steady on LME
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Copper prices were steady on Thursday, but are expected to fall over coming weeks as the pace of demand growth in China slows and consumption in the US falls further. Three-month copper on the London Metal Exchange was trading at $7,620 a tonne at 0937 GMT, little changed from $7,615 at the close on Wednesday. The metal, used widely in construction and power, is down about 15 per cent since hitting a record high of $8,940 a tonne on July 2.
OPINION DIVIDED
Aluminium traded at $2,911 a tonne, little changed from Wednesday's close at $2,906. The energy-intensive metal used in packaging, transport and power hit an all-time high of $3,380 a tonne on July 10 as the electricity price jumped and the market fretted about power shortages in China, the world's largest producer. Analysts estimate that up to 45 per cent of aluminium smelting costs are accounted for by power.
However, many analysts and investors are still betting production cuts in China will boost prices this year, possibly towards the $4,000 a tonne level. Nickel prices rose to $18,500 a tonne from Wednesday's last quote at $17,800/17,825 a tonne. Lead was at $2,095 a tonne from $2,065, zinc at $1,770 from $1,765 and tin at $20,525 a tonne from Wednesday's last quote at $17,800/17,825.
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Source : Business Line |
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