Copper slips, lead at new peak on LME

Print this page Posted on : 06-27-2007 by recycleinme.com

Copper softened on Tuesday as market players said ongoing strikes at mines are priced in while lead set a fresh record high on speculative buying.

London-listed miners like Rio Tinto, BHP Billiton, Anglo American shed between half a percent and 1 per cent after financial stocks dragged European markets down.

Copper for delivery in three months on the London Metal Exchange was at $7,405 / 7,415 a tonne at 0844 GMT, down 1 per cent or $75 from Monday, when it rallied more than $200 on news about strikes in Peru and Chile.

PRICEY LEAD

Lead for three-months delivery, which has gained more than 60 per cent since the end of last year, overtook aluminium futures, last quotaed at $2,710 / 2,714, for the first time. Cash lead has already surpassed cash aluminium.

The metal, mainly used in batteries, touched a new record high of $2,745 a tonne and was last quoted at $2,710 / 2,730, unchanged from its close on Monday.

“The market is driven by speculation that supply would be curbed by production cuts in China as lead smelters reduce production on rising costs for concentrate,” Dresdner Kelinwort said in a research note.

Nickel was $200 softer at $38,850 / 39,150 while zinc was down almost 2 per cent or $65 to $3,465 / 3,485 and tin was $100 lower at $13,975 / 14,075.

Source : Business Line