Copper eases; lead at 3-week high

Print this page Posted on : 08-29-2008 by recycleinme.com

Copper eased on Thursday on concerns over a lack of demand from China, the world's biggest user of the metal, but prices were supported by a weaker dollar. ''People are concerned about the macroeconomic environment,'' said analyst Gayle Berry at Barclays Capital. ''There isn't an indication of a pick-up in buying anywhere, but particularly in China where we need to see buying pick up if we are going to see prices move higher.''

Copper eases

Copper for delivery in three months on the London Metal Exchange fell to $7,565 per tonne at 1000 GMT from a last quote of $7,650/7,655 on Wednesday. About 6,000 tonnes of refined copper has arrived in Shanghai, while inventories in LME warehouses of the metal used in construction and power cables rose 2,200 tonnes to 170,050, the highest level since Feb. 5.

Lead gained for a second consecutive day, rising as much as 3.7 percent to $2,125 a tonne, its highest level since August 7. Lead traded at $2,074 versus Wednesday's $2,050. Aluminium declined to $2,753 a tonne from $2,765as inventories in LME warehouses rose 5,600 tonnes to 1.168 million, the highest level since April 2004. Nickel dropped to $20,400 from $21,000 on continuing concerns about demand from stainless steel producers, the biggest users of the metal. Zinc, mainly used to galvanise steel, fell to $1,810 from $1,849 a tonne, while tin dropped to $20,100 a tonne from $20,550.

Source : Business Line