Dollar lifts copper to 10-week high

Print this page Posted on : 09-29-2007 by recycleinme.com

Copper rallied to a 10-week high on Friday, lifted by a weaker dollar, gains in other commodities and momentum from end-quarter ‘window dressing’, analysts and traders said.

Copper for three-months delivery on the London Metal Exchange rose to $8,155 a tonne, its highest since July 23 and was at $8,155/8,125, up $95 from Thursday.

REDUCED LIQUIDITY

Chinese markets will be shut all next week for National Day Celebrations, but ahead of the holiday Chinese consumers pulled 8,190 tonnes of metal out of the exchange to tide them over the break, slightly above market expectations.

Shanghai stocks are now 47,791 tonnes – enough to supply the country’s consumers for less than 4 days.

Stocks of copper in LME warehouses fell 175 tonnes to 130,775 tonnes – less than three days of global consumption and data shows a single dominant position is holding more than 90 per cent of the available inventories.

Zinc prices have gained 16 per cent in almost three weeks time, hitting a one month high of $3,120 a tonne and were last at $3,100/3,110 up $25.

Three-months aluminium added $16 to $2,511/2,515.

Lead was down 0.6 per cent or $20 at $3,420/3,440. Tin was at $15,400/15,500, down $75 from Thursday.

Source : Business Line