Copper rises as Japanese economy rebounds

Print this page Posted on : 10-20-2009 by recycleinme.com

Oct. 19

Copper rose in London as the dollar weakened and the Bank of Japan said the country's economy, the world's second-biggest, is rebounding.

The Dollar Index, a six-currency measure of the greenbacks value, fell as much as 0.3 per cent after dropping 1.1 per cent last week.

Copper for three-month delivery rose $70, or 1.1 per cent, to $6,300 a tonne on the London Metal Exchange at 11:44 a.m. local time.

December-delivery copper gained 1 per cent to $2.873 a pound on the New York Mercantile Exchanges COMEX unit.

Japan's economy is improving in all of the nation's nine areas, the central bank said. The country is the world's fourth-biggest user of copper.

Inventories of copper in LME-monitored warehouses fell 0.3 per cent to 356,725 tonnes, the first decline in six days.

Among other LME metals for three-month delivery, aluminium rose 0.3 per cent to $1,910 a tonne.

Zinc lost 0.2 per cent to $2,050 a tonne, and tin slipped 1 per cent to $14,400 a tonne.

Nickel rose 1.1 per cent to $18,900 a tonne, and lead was unchanged at $2,204 a tonne.

Source : Business Line