Aluminium, copper rise on German report

Print this page Posted on : 07-25-2009 by recycleinme.com

Aluminium rose to the highest in almost eight months in London and copper climbed to a nine-month high after a German business confidence report heightened speculation that supplies may be limited as demand recovers.

Stockpiles of aluminium fell for a second day from a record 4.56 million tonnes on July 22, the London Metal Exchange said in a daily report.

We've had a shift in sentiment over the past couple of weeks with stronger than expected corporate earnings and improved economic data, Mr Nicholas Snowdon, an analyst at Barclays Capital, said by phone.

Aluminium for delivery in three months climbed as much as $23, or 1.3 per cent, to $1,808 a tonne on the LME, the highest since Nov. 27. The contract was at $1,803 a tonne by 12:29 p.m. local time.

LME copper for delivery in three months rose $30, or 0.5 per cent, to $5,560 a tonne, after earlier gaining to $5,575, the most since Oct. 14.

Copper futures for September delivery rose 1.25 cents, or 0.5 per cent, to $2.5365 a pound on the New York Mercantile Exchanges COMEX division.

Tin at Premium

Tin advanced 2.1 per cent to $14,800 a tonne and earlier today climbed to $14,850, the highest since July 1.

Nickel climbed as much as 1.6 per cent to $16,750 a tonne, the highest since Sept. 29, lead gained 1.4 per cent to $1,770 a tonne, and zinc rose 0.7 per cent to $1,711 a tonne.

Source : Business Line