Copper rises on speculation demand is improving

Print this page Posted on : 03-27-2009 by recycleinme.com

Copper rose for the first time in three days in London, leading gains in industrial metals, after a better-than-expected US durable goods report spurred speculation that demand may be improving.

The increase in durable goods orders was the biggest jump in more than a year and the first in seven months, the Commerce Department said. The US is the second-biggest user of copper, used in wires and pipes, after China.

Copper for delivery in three months rose $110, or 2.8 per cent, to $4,075 a tonne as of 10:25 a.m. on the London Metal Exchange. Prices have risen 33 per cent this year, the best performance of any of the six main metals traded on the bourse.

Zinc, used to protect steel against rust, rose 2.1 per cent to $1,325.25 a tonne. The contract earlier reached $1,333, the highest intraday price since Jan. 7. LME-monitored stockpiles have shrunk 4.8 per cent since peaking on Feb. 26. Aluminium for three-month delivery gained $23, or 1.6 per cent, to $1,440 a tonne. Lead rose $16, or 1.2 per cent, to $1,310 a tonne, taking its gain this year to 31 per cent. Nickel rose 1.3 per cent to $9,725 a tonne and tin gained 2.4 per cent to $10,200 a tonne.

Source : Business Line