Equity market rebound supports copper prices
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Copper was steady on Thursday as concerns about softer demand were partly offset by a slightly weaker dollar and a rebound in equities markets. ''Relative to recent weeks, there is an air of greater stability around, however temporary,'' said Mr Steve Hardcastle, analyst at brokerage house Sucden. Three-month copper on the London Metal Exchange was down at $5,345 at 1031 GMT, after earlier touching a low of $5,220 on consumption worries. The metal closed at $5,240 on Wednesday.
The market is awaiting further details on the Shanghai Futures Exchange's move to compulsorily close positions on 10 copper futures contracts. Most Shanghai copper contracts were suspended after prices fell by their daily limits for three days running. The exchange also raised margins on zinc.
Aluminium was at $2,289 a tonne from $2,250. Lead rose to $1,635 from $1,575, while zinc increased to $1,505 a tonne from $1,430. Nickel was unchanged at $13,200 a tonne. Tin, seen as the metal with the strongest fundamentals, was also unchanged at $14,900 a tonne.
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Source : Business Line |
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