Fund buying boosts metal prices on LME

Print this page Posted on : 02-03-2010 by recycleinme.com

London, Feb. 2 Copper rose on Tuesday, reversing earlier losses, as fund buying helped offset worries over rising inventories and further monetary tightening in China.

By 1026 GMT, copper for three- month delivery on the London Metal Exchange traded at $ 6,845 a tonne from $ 6,791 at the close on Monday and compared with a session low at $ 6,727.

INVENTORIES

Aluminium traded at $ 2,105 from $ 2,085.

Inventories in the metal, used in transport and packaging, slipped 3,125 tonnes but are still at near record levels above 4.6 million tonnes.

Steel making ingredient nickel traded at $ 18,250 from $ 18,000, while zinc traded at $ 2,162 a tonne from $ 2,145.

Battery material lead was at $ 2,088 from $ 2,045, while tin was at $ 16,400 from $ 16,150.

Investors are keeping a close eye on movements in cancelled warrants — material already earmarked for delivery from LME warehouses

Source : Business Line