Copper drops below $7,000/t
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Copper dropped more than 3 per cent on Friday to its lowest level in more than seven months and below the key $7,000 per tonne level after LME inventories posted their biggest one-day surge in four years. Copper for three-months delivery on the London Metal Exchange fell as low as $6,980 a tonne, its lowest price since Jan. 28, from $7,226 a tonne at the close on Thursday. At 0936 GMT, it was at $7,044/7,054.
Inventories climb
Copper stocks in LME warehouses jumped 18,775 tonnes to 200,875, the highest level since Jan. 7 and the biggest one-day increase since August 2004. Most of the copper - 16,525 tonnes - came into Busan, South Korea. Inventories of the metal - used in construction and power cables - also rose in Shanghai, where stocks increased 1,487 tonnes, or 8.4 per cent, to 19,112, snapping a six-week string of declines. Copper's fall below $7,000 also triggered some technical selling. Lead fell as much as 5 per cent to $1,800 a tonne, a two-week low, before paring losses to trade at $1,827 from $1,891. Aluminium, which has been range-bound most of the week, traded at $2,660 from $2,677 a tonne, after earlier falling to $2,653, its lowest price since Feb. 13. Zinc fell as low as $1,756 from $1,891 a tonne, nickel fell to $18,701 from $19,400, and tin dropped as low as $18,550 from $19,400.
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Source : Business Line |
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