Copper Steady

Print this page Posted on : 05-10-2007 by recycleinme.com

Three month copper traded at $8,210 a tonne, up 0.5 percent from Tuesday and well with in the recent trading range between $8,110/tonne and $8,335/tonne. A drawdown in LME copper stocks added to price support. Adding to aluminum price support, LME data Wednesday showed aluminum stocks fell 1,650 tonnes to 835,600 tonnes.

There is still a steady flow of withdrawals from a widespread of locations which suggest ongoing demand, said Mr. William Adams at basemetals.com.

Aluminium continues to find good resistance around $2,900/tonne but should hit $3,000/tonne by the end of May, said the broker. At 1000 GMT, aluminium traded at $2,922/tonne.

Source : Business Line