Copper range bound in LME trade

Print this page Posted on : 05-11-2007 by recycleinme.com

Copper was seen trading sideways on Thursday, while nickel recovered after the previous session’s losses as dwindling inventories supported prices, traders said. Copper for delivery in three months on the London Metal Exchange eased $50 to $7,970/7,980 a tonne at 0942 GMT, extending Wednesday’s 1.8 percent fall in prices. In the short term we expect copper to trade in a fairly tight range as investors try to detect which was the trend is headed, Fortis bank said in a monthly report.

Nickel was at $49,400/49,600 up against Wednesday’s last quote at $49,295/49,600, up against Wednesday’s last quote at $49,295/49,300. Nickel fell over 3 percent on Wednesday after hitting a record high of $51,800.

Stocks in LME warehouses fell by 1,650 tonnes to 144,050 their lowest level since the start of November 2006.

Source : Business Line