Copper touches 5-month high:
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Copper hit its highest since November and nickel and lead struck new peaks on Wednesday on as renewed confidence about strong demand for metals prompted fresh buying, money managers said. Doubts about the worlds appetite for industrial metals particularly copper, were receding after a nervous first quarter. Things are looking pretty good compared to the start of the year when everybody was worried about global demand a London based hedge fund manager said. US demand is slowing but emerging market demand is keeping the pace and if anything is getting faster, he said. China uses more copper than any other company, but its industrialization is being followed by India an Latin America. At $7,299 per tonne, copper for delivery in three months was 15 percent up since the start of the year, but still more than $1000 below the peak of $8,800 it touched last May. It closed Tuesday’s trading session at $7,235.
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Source : Business Line |
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