Lead hits 16-month high

Print this page Posted on : 09-09-2009 by recycleinme.com

London, Sept. 8

Copper jumped to its highest in more than a week on Tuesday, buoyed by expectations of stronger economic and demand growth in coming months, but analysts say future price direction will depend on China.

Battery material lead soared to a 16-month high of $2,470 a tonne on worries about supplies from China.

Three-month copper on the London Metal Exchange was trading at $6,475 a tonne from $6,324 at the close on Monday.

Stocks of copper in LME warehouses fell to below 260,000 tonnes on July 13, on Chinese state and consumer buying, from levels above 540,000 late February.

Lead was at $2,455 from Monday's last bid at $2,350.

Zinc was at $1,970 a tonne from $1,901, tin at $14,600 from $14,300 and nickel at $18,525 from $17,700.

Nickel earlier hit a 1-week high of $18,670 a tonne. Aluminium rose to $1,917.75 a tonne, the highest since Aug. 28. It was at $1,913 from $1,867 on Monday.

Source : Business Line