Copper declines in LME trade

Print this page Posted on : 04-22-2009 by recycleinme.com

Copper fell as much as 4.6 per cent on Tuesday after big overnight equities losses underlined fears of a return of economic turmoil, but the metal pared losses as a fall in inventories helped the demand outlook.

Copper for three-month's delivery on the London Metal Exchange fell to $4,425 a tonne at 0959 GMT, from $4,590 the day before, and off a session low of $4,378.

Cancelled warrants rose to 72,375 tonnes from 68,325 tonnes the day before.

The continuation of a recent copper stocks drawdown also helped cap losses. Stocks of copper at LME warehouses dropped by 5,025 tonnes to 457,300 tonnes. Among other industrial metals, aluminium was at $1,431 from $1,439. Stocks of aluminium fell by 10,025 tonnes.

Zinc was at $1,439 from $1,485 and nickel was at 11,450 from $12,075 a tonne.

Tin was at $11,940 from $12,045, while lead was at $1,425 from $1,465.

Source : Business Line