Nickel at 2- week low in LME trade
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London, Jan. 26
Copper dropped around 1.5 per cent on Tuesday, with dealers citing dollar strength and concerns that China’s implementation of a clampdown on lending for some banks could curb metals demand in the world’s top consumer.
Nickel fell to a two- week low, while lead tumbled to its weakest in two months.
Copper for three- month’s delivery on the London Metal Exchange fell to $ 7,356 a tonne by 0952 GMT, versus Monday’s $ 7,465 a tonne.
COPPER STOCKS
Copper stocks at LME- registered warehouses rose by 175 tonnes on Tuesday to 533,575 tonnes, highest since early March 2009. But cancelled warrants — materials earmarked for delivery — jumped by nearly 70 per cent last week to hit over 12,000 tonnes. They currently stand at 11,550 tonnes.
Nickel stocks are down 198 tonnes at 162,588 tonnes, after hitting a record high on Monday while the three- month price traded at $ 17,950 a tonne, bouncing from a twoweek low of $ 17,750 a tonne hit earlier and versus Monday’s $ 18,150. Stocks are heading for their biggest monthly rise in almost 15 years. Aluminium stood at $ 2,230 a tonne from Monday’s $ 2,243 a tonne.
Zinc, used for galvanising steel, was unchanged at $ 2,315 a tonne, battery material lead was bid at $ 2,174 from Monday’s $ 2,220 and tin traded at $ 17,800 a tonne from $ 17,940.
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Source : Business
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