Copper falls on demand worry, rising stocks

Print this page Posted on : 01-31-2009 by recycleinme.com

London, Jan. 30

Copper fell more than 2 per cent on Friday on demand concerns as the global recession worsened and inventories rose, although the metal is on course to post its first monthly gain since June 2008.

Three-month copper on the London Metal Exchange fell 2.2 per cent to a low of $3,168 a tonne. At 1145 GMT, the metal was trading at $3,170 a tonne from $3,240. Copper stocks grew 13,850 tonnes to 491,525, the highest level since November 2003, and have jumped more than 150,000 tonnes this month.

Aluminium traded at $1,353 a tonne, after falling as low as $1,350, from $1,372 at the close on Thursday. Zinc prices dipped as low as $1,100 a tonne from $1,120, while nickel touched a low of $11,000 from the close of $11,400. Tin touched $10,700 a tonne, the lowest price since January 19, compared with the last trade of $10,850 a tonne. Lead was trading at $1,155 from $1,140.

Source : Business Line