Copper rebounds on hopes over stimulus plan

Print this page Posted on : 01-27-2009 by recycleinme.com

Copper rose, touching the highest price in almost a week, on speculation government stimulus plans will spur economic growth and boost demand for the metal used in pipes and wires.

The US President, Mr Barack Obama, last week pressed congressional leaders to reach a consensus on an $825- billion stimulus package in a bid to revive expansion. Copper futures for March delivery added 6.55 cents, or 4.4 per cent, to $1.5375 a pound at 9:17 a.m. on the New York Mercantile Exchanges Comex division.

On the London Metal ExchangeAluminium rose $7 to $1,349 a tonne, zinc gained $24 to $1,185 a tonne and lead advanced $41 to $1,156 a tonne. Nickel declined $325 to $11,775 a tonne and tin fell $200 to $12,050 a tonne.

Source : Business Line