Copper drifts lower as Chinese demand softens

Print this page Posted on : 09-30-2009 by recycleinme.com

London, Sept. 29

Copper drifted lower on Tuesday as buying waned in China, the world's top consumer of the metal, and as trade quietened ahead of Chinese National Day and Autumn Festival holidays.

Copper for three-month's delivery on the London Metal Exchange traded at $5,940 a tonne from a close of $6,009 on Monday.

Copper is on track for a fall of nearly 9 per cent in September, its first monthly decline since December 2008.

Aluminium dips

Among other industrial metals, aluminium was at $1,818 from $1,833. Inventories of the metal used in transport and packaging fell 3,850 tonnes but are within touching distance of a record high around 4.6 million tonnes.

Zinc was at $1,874 from $1,878 and lead stood at $2,185 from $2,207. Tin was unchanged at $14,400, while nickel was at $16,765 from $16,750.

Source : Business Line