Copper gains as stocks drop, equities rise

Print this page Posted on : 04-30-2009 by recycleinme.com

London, April 29

Copper rose by more than 2 per cent on Wednesday, as another hefty drop in inventories improved the demand outlook and gains in equities bolstered sentiment.

Copper for three-month delivery on the London Metal Exchange rose to $4,308 a tonne at 0943 GMT from $4,220 the day before when it hit a three-week low of $4,158.

Copper stocks at LME warehouses fell by 8,825 tonnes to a three-month low of 411,450 tonnes, adding to a fall of 5,000 tonnes on Tuesday.

INVENTORIES CLIMB

Aluminium inventories continued their determined ascent, rising by 41,350 tonnes to a record 3.8 million tonnes.

Aluminium prices traded at $1,450 a tonne from $1,436.

Reflecting lack of demand in an oversupplied market, the world's largest steelmaker ArcelorMittal reported slightly worse-than-expected first-quarter results and forecast a modest pick-up in the second quarter.

Zinc traded at $1,382 a tonne from $1,341, while battery material lead was at $1,319 a tonne from $1,292.

Tin stood at $12,100 a tonne from $11,900 and nickel MNI3 was at $11,025 from $10,920.

Stocks of nickel at LME warehouses rose by 7,974 tonnes to 114,426 tonnes.

Source : Business Line