Copper at month low on rising inventories

Print this page Posted on : 09-29-2009 by recycleinme.com

Copper hit its lowest level since mid-August on Monday, as rising inventories and a firmer dollar helped haul many industrial metals to multi-month troughs.

By 0857 GMT, copper for three month delivery on the London Metal Exchange fell to $5,890 a tonne from $5,990 at the close on Friday. It earlier touched a low of $5,855.25 - a level not seen since Aug. 19.

Aluminium eased to a two-month low at $1,778, while nickel fell to a two-week low at $16,400.

LME copper stocks added 3,650 tonnes to 344,350 tonnes - its highest level since mid-May, while aluminium inventories slipped 5,525 tonnes but remained near record levels at 4.6 million tonnes. In other metals, steel making ingredient nickel traded at $16,600 from $16,900 while battery material lead was at $2,179 from $2,185. Zinc traded at $1,867 a tonne from $1,880 and tin was unchanged at $14,400.

Source : Business Line