Copper dips on demand concerns

Print this page Posted on : 10-21-2009 by recycleinme.com

London, Oct. 20

Copper eased on Tuesday, down from one-month high hit in the previous session as rising inventories stoked short-term demand fears, but upbeat US corporate earnings lifted sentiment and helped limit losses.

By 0940 GMT, copper for three-month delivery on the London Metal Exchange fell to $6,440 a tonne from $6,465 at the close on Monday. The metal, used in power and construction, touched a high of $6,510 on Monday.

LME inventories continued to rise, indicating demand has yet to recover outside China.

ALUMINIUM UP

Aluminium, used in transport and packaging, rose $6 to $1,951. Steel-making ingredient nickel traded at $19,200 from $19,275 while battery material lead was at $2,315 from $2,288. Zinc gained to $2,121.50 a tonne from $2,112 but touched a high of $2,131.25 - a level not seen since May 29. Tin traded at $14,650 from $14,550.

Source : Business Line