Copper near 2-week low

Print this page Posted on : 04-25-2009 by recycleinme.com

Copper dipped slightly in early trade to remain near a two-week low on Friday, as a fall in inventories offset persistent worries over demand and talk of Chinese buying tailing off.

By 0941 GMT, copper for three month delivery on the London Metal Exchange fell to $4,330 a tonne from $4,342 at the close on Thursday and compared with a session low at $4,270.

Aluminium, used in transport and packaging, fell $2 to $1,446.

LME stocks jumped 15,175 tonnes to a new record of 3.69 million tonnes. Steel making ingredient nickel traded at $11,052 from $11,350 while zinc dropped to $1,393 a tonne from $1,417.

Battery material lead was at $1,396 from $1,460 and tin slipped to $12,400 from $12,500.

In lead, one entity has cash and stock positions accounting for over 90 per cent of available LME inventory, while in tin there were two dominant position holders in both the 40-50 per cent and 80-90 per cent categories.

Adding to lead's downside, LME stocks rose 8,075 tonnes to 71,725 tonnes - its highest level since mid-September.

Source : Business Line