Copper slips as Chinese imports drop

Print this page Posted on : 09-24-2009 by recycleinme.com

London, Sept. 23

Copper prices dipped on Wednesday, as investors fretted about signs of faltering demand from major consumer China.

Copper for three-month's delivery on the London Metal Exchange traded at $6,208 a tonne at 0938 GMT from a close of $6,270 on Tuesday.

China's imports of refined copper in August fell by one-quarter versus the month before, as expected, a second consecutive monthly decline as rising domestic stocks and weak prices brought a halt to record buying.

STOCKS RISE

Stocks of copper at LME warehouses rose 175 tonnes to 331,950 tonnes. Inventories have been trending higher since early July, reversing a trend of nearly constant falls earlier in the year,

Highlighting concerns about rising inventories, China may hold nearly 1.2 million tonnes of refined copper stocks, about 80 days of consumption, an analyst at a state-backed research group estimated.

Aluminium, used in transport and packaging, was at $1,870 from $1,889. Stocks of aluminium at LME warehouses dropped 4,250 tonnes but stood just below a record high above 4.6 million tonnes.

Zinc was at $1,918 from $1,946 and battery material lead was at $2,250 from $2,289. Tin was at $14,650 from $14,650. Nickel was at $17,950 from $17,750.

Source : Business Line