Global growth worries pressure copper:

Print this page Posted on : 03-30-2007 by recycleinme.com

Copper prices on the London Metal Exchange face downward pressure on global growth worries and tin extended the previous session’s losses ahead of the second quarter, analyst’s said on Thursday. By 1022 GMT copper for delivery in three months was little changed at $6,675/6,690 a tonne against $6,655 at the close on Wednesday. Tin was down 3.6 percent at $13,300/13,400 from $13,800 on Wednesday, when it dropped over 5 percent on profit-taking on long positions built up in recent months. The spreads for most metals have eased this week on profit-taking with the backwardation in copper- the premium for cash metal over three months future coming down to $28 from $71 a week ago. Also the backwardation in nickel dropped to $1,650 against a recent high of $3,300 on March 19.

Source : Business Line