Copper, Lead recoup in LME trade

Print this page Posted on : 07-27-2007 by recycleinme.com

Copper steadied on Thursday but analysts saw more downside risk as the dollar held on to gains and inventories rose, while nickel prices were volatile.

Copper for delivery in three months on the London Meal Exchange was at $7,820 a tonne at 0903 GMT, $42 up from Wednesday when it fell 2.4 per cent on dollar strength.

Rising copper inventories also took away support from the market. Copper stocks in LME warehouses added 1,800 to 100,800 tonnes, just above two days of global consumption.

NICKEL VOLATILE

Nickel was slightly higher at $31,450 a tonne versus $31,400 on Wednesday but traders see selling pressure as more stainless steel producers signal production cutbacks are set to continue.

Lead firmed to $3,195 a tonne, up $20 from Wednesday when it sank more than 6 per cent. The metal, consumed by the battery industry, has gained more than 100 per cent since the start of the year to hit an all-time high of $3,500 earlier in the week.

Aluminium was $3 softer at $2,767, while zinc was $15, firmer at $3,650 and tin was $100 higher at $15,350.

Source : Business Line