Copper steady as Chinese demand weighs

Print this page Posted on : 02-05-2010 by recycleinme.com

London, Feb. 4 Volatile copper was flat on Thursday as a firm dollar and concerns about economic recovery and demand from top consumer China weighed, while falls in inventory levels supported prices.

By 1058 GMT, copper for three month delivery on the London Metal Exchange traded at $ 6,587 a tonne from $ 6,590 at the close on Wednesday.

Used in power and construction, copper earlier rose to $ 6,680 before easing back to a session low at $ 6,540 —close to the two and a half month low of $ 6,525 hit on Wednesday.

Supporting prices, are LME copper stocks which have fallen in recent days, offering hope that demand outside China may be improving. The latest data showed stocks fell 1,050 tonnes to total 539,425.

ALUMINIUM STOCKS

Stocks in aluminium used in transport and packaging, eased 6,050 tonnes but remain at record levels just below 4.6 million tonnes. Aluminium prices traded at $ 2,088 versus $ 2,083.

Steel making ingredient nickel traded at $ 18,419 from $ 18,195 while battery material lead was at $ 2,002 from $ 2,020. On Wednesday, cancelled warrants were at 15,450 tonnes compared to 75 tonnes on Jan. 4. Zinc traded at $ 2,103.25 a tonne from $ 2,095 and tin was at $ 16,500 from $ 16,600.

Source : Business Line