Metals’ gain capped by rising inventories
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Rising inventories of industrial metals copper and lead capped prices on Tuesday, outweighing a lift provided by record high oil prices.
Copper futures on the London Metal Exchange, often seen as a key gauge of the metals markets in particular and the real economy in general, are up more than 25 per cent since the start of year, while lead has been one of the star performers of all financial markets, with gains of around 130 per cent.
Both were down in early business on Tuesday, with copper falling $45 from Monday’s close to a quoted $8,090/8,110 by 0934 GMT, and lead down $100 or 2.6 per cent at $3,700/3,720.
Stockpiles of copper in warehouses monitored by the LME rose 875 tonnes on Tuesday to 140,525, taking levels to their highest since May, while lead stocks jumped 3,375 tonnes to 25,925, their highest since early September.
OIL, GOLD
US crude oil hit a high of $87.97 per barrel on a combination of tight supply, strong demand and tension in northern Iraq.
Gold, which often benefits from economic uncertainty and geopolitical flashpoints, hit a fresh 28-year high of $766.60 per ounce. The precious metal has risen around 20 per cent since the star of the year, and analysts see reason for more increases.
In other LME metals, steel-making raw material nickel was down $250 at $31,700/31,900 per tonne, zinc was down $65 at $3.075/3,085 per tonne, aluminium was $13 lower at $,2480/2,485 per tonne, and tin was down $50 at $16,500/16,700.
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Source : Business Line |
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