Gloom over Euro debt crisis drags copper

Print this page Posted on : 12-06-2011 by recycleinme.com

Dec. 5 Copper fell in London on concern about European leaders ability to limit the regions debt crisis as they take another run at finding a solution this week after the failure of a fourth rescue blueprint. Copper for three- month delivery dropped 0.5 per cent to $ 7,850 a tonne by 11: 22 a. m. on the London Metal Exchange. Prices jumped 9.1 per cent last week, the first increase in five weeks. Copper for March delivery fell 0.4 per cent to $ 3.569 a pound on the COMEX in New York. Copper stockpiles monitored by the LME rose for a third session, advancing 1,350 tonnes to 389,500 tonnes, daily exchange figures showed. Inventories in Asia were unchanged after declining for 46 sessions in a row, the longest streak since at least January 1998, according to data compiled by Bloomberg. Orders to draw copper from LME stocks, or cancelled warrants, fell 0.2 per cent to 23,800 tonnes. Aluminium for threemonth delivery on the LME fell 1.2 per cent to $ 2,103.50 a tonne after gaining 6.9 per cent last week. Zinc declined 1.4 per cent to $ 2,024 a tonne and lead lost 0.5 per cent to $ 2,099 a tonne. Nickel rose 0.7 per cent to $ 17,870 a tonne and tin retreated 0.3 per cent to $ 19,945 a tonne.

Source : Business Line