Robust Chinese data fuel copper

Print this page Posted on : 12-12-2009 by recycleinme.com

London, Dec. 11 Copper prices climbed more than one per cent to snap six days of losses on Friday, buoyed by robust industrial output data from China, the world's largest metals consumer. Benchmark copper for three-month delivery on the London Metal Exchange was untraded in rings but last bid at $6,910 a tonne from $6,809 at the close on Thursday and compared with a session high at $6,918. Boosting sentiment was Chinese industrial output data, which surged in November at its fastest pace since June 2007, underlining the economy's brisk recovery from the global downturn. China's imports of unwrought copper and semi-finished copper products rose 10.3 per cent in November from the previous month to 290,158 tonnes, defying market expectations for a flat performance to a slight decline. The red metal hit 14-month high last week and has more than doubled this year, due to a combination of a weak dollar, Chinese buying, new investor cash and improving macro data.

In other metals, aluminium was untraded but last bid at $2,245 in LME rings from $2,203. Steel making ingredient nickel traded at $16,550 in LME rings from $16,275 while battery material lead was untraded but last bid at $2,321 from $2,275. Zinc traded at $2,323 a tonne in LME rings versus $2,270 and tin was traded at $15,225 from $15,300.

Source : Business Line