Metals gain on revival hopes

Print this page Posted on : 02-26-2009 by recycleinme.com

Copper rose to its highest in more than a week on Wednesday, after cautiously positive comments from Federal Reserve Chairman revived hopes for stronger demand for industrial metals.

Copper for three months delivery traded at $3,390 a tonne in official rings on the London Metal Exchange, having risen as much as 4 per cent to a high of $3,425, from Tuesday's close.

Aluminium traded slightly higher at $1,330 a tonne from $1,329 on Tuesday, after touching a high of 1,347.5.

Zinc edged up to $1,123 from $1,111 a tonne. Key stainless steel ingredient nickel rose to $9,825 from $9,800 a tonne.

Soothing sentiment

Battery material lead was last bid at $1,020 from Tuesday's close of $995. Tin rose to $10,850 from a closing bid of $10,525 a tonne.

Soothing sentiment and sparking a stock market rally, Bernanke said the U.S. government did not have plans to nationalise major banks.

Source : Business Line