Copper gains, tracking equities

Print this page Posted on : 02-27-2009 by recycleinme.com

Copper rose to more than one week high on Thursday, tracking equities and firmer oil prices, although fears over demand and the global economy remained.

By 0955 GMT, copper for three-month delivery on the London Metal Exchange rose to $3,460 a tonne from $3,415 at the close on Wednesday and compared with a session high at $3,480.

The price of copper, used in power and construction, has fallen about 60 per cent since a record $8,940 in July 2008.

Aluminium rose $7.50 to $1,350.50. The metal used in transport and packaging has come under pressure in recent months on news of falling car sales data from auto makers.

LME stocks jumped 18,275 tonnes to 3.2 million tonnes - a reminder of weaker demand for the metal. Nickel was at $10,300 from $10,075 at the close on Wednesday, lead at $1,036 from $1,030 and zinc at $1,154 from $1,145. Tin drifted $50 higher to $10,800.

Source : Business Line