Lead hits contract high, copper above $8,000

Print this page Posted on : 05-04-2007 by recycleinme.com

Copper traded above $8,000 a tonne on Thursday, buoyed by positive data and threats to supply, while lead set a new record high, traders and analysts said.

Copper inventories continue to decline we see that miners everywhere in the world are scrambling to pull more metal out of the ground, Mr. Sean Corrigan of Diapason Commodities management said.

We are stretched so tight so any interruptions or accidents they have in production-whether it is in labour relations or in the general hard business of mining it is such a little cushion.

Copper for delivery in three months on the London Metal Exchange was at $8,000/8,020 at 0952 GMT, up $50 from Wednesday’s close.

Earlier in Thursday’s session copper traded at $8,035 near last May’s session copper traded at $8,035, near last May’s record peak at $8,800 as falling stocks in LME warehouses supported prices. Stocks were down 2,200 tonnes to 152,025 the lowest since mid-November.

Lead touched a contract high at $2,090 before being indicated at $2,075/2,095 against $2,050 on Wednesday.

Zinc gained 1 percent to $3,910/3,930 up from $3,870.

Source : Business Line