Copper slips as doubts on demand grow

Print this page Posted on : 03-28-2009 by recycleinme.com

Copper prices rose to their highest in nearly 5 months on Friday, but slipped as doubts grew about the strength of real demand from manufacturers, particularly in China. Three-month copper on the London Metal Exchange traded at $3,995 a tonne in official rings, down from an earlier $4,168, the highest since Nov. 10.

Aluminium traded at $1,420 a tonne from $1,442 at the close on Thursday and zinc at $1,317 from $1,348.

Lead was untraded in the rings, but bid at $1,262 from $1,320, nickel was bid at $9,590 from $9,725 and tin was bid at at $10,150 from $10,140.

The backwardation - premium for the cash contract over the three-month contract - at around $155 a tonne, is below levels above $200 seen earlier this week, but it compares with a discount early in February.

Source : Business Line