LME copper near 3-week low

Print this page Posted on : 06-23-2009 by recycleinme.com

Copper eased more than 3 per cent to a three-week low on Monday, as a strong dollar and demand worries weighed, reinforced by prospects that a Chinese stockpiling drive may have peaked.

By 1039 GMT, copper for three month delivery on the London Metal Exchange fell to $4,586 a tonne from $5,025 at the close on Friday and compared with a session low at $4,830. Copper inventories fell 2,750 tonnes to 277,600 tonnes.

ALUMINIUM STOCKS FALL

Aluminium lost 4.1 per cent to a low of $1,610 but was last at $1,624 versus $1,679. The metal, used in transport and packaging, has risen more than 14 per cent this month and is on course for its biggest monthly gain since November 2001.

Nickel fell 4.5 per cent to $14,515 but was last at $14,610 from $15,200 while lead eased almost 6 per cent to a near three-week low at $1,595 from $1,695. The latter last traded at $1,608. Zinc dropped 5.7 per cent to $1,487 - its lowest since May 29 - from $1,576 but was last traded at $1,503, and tin edged lower to $14,700 from $14,800.

Source : Business Line