Copper gains 4.1% on short covering

Print this page Posted on : 10-29-2008 by recycleinme.com

Copper rose 4.1 per cent to track equity markets higher on Tuesday, as investors covered short positions and bargain hunters entered the fray buoyed by stronger housing market data in the US. By 1129 GMT, copper for three month delivery on the London Metal Exchange was trading at $4,170 from $4,020 at the close on Monday and compared with a session high of $4,185. However, prices of the metal used in power and construction have fallen about 50 per cent since a record high of $8,940 in July.

ALUMINIUM GAINS GROUND

Aluminium was at $2,055, from $2,038 on Monday. Helping boost the metal, Nickel rose 8 per cent to $11,998 from $11,100 at the close on Monday, lead was at $1,440 from $1,295 and zinc at $1,165 from $1,185. Tin rose to $15,200 from $13,600 - its highest point in two weeks - but tracked back to $14,900.

Source : Business Line