Metals rule firm tracking equities

Print this page Posted on : 10-26-2007 by recycleinme.com

Industrial metals traded firmly in early London Metal Exchange business on Thursday, tracking equities with which they are increasingly linked, analysts said.

Mining shares were among the biggest gainers on a FTSE index that was up 0.9 per cent by 0908 GMT. Tio Tinto was up 3.2 per cent, Anglo American up 2.5 per cent and BHP Billiton up 1.3 per cent. Benchmark metal copper for delivery in three months was up $65 or 0.8 per cent at $7,750/7,760 per tonne, while aluminium was up $15 at $2,510/2,.515 per tonne. Equity prices increasingly move metals prices since the aftermath of the collapse of the high-risk home loans market in August, and the global move towards stricter lending practices and away from risk taking that has followed.

Lead was up $45 at $3,540/3,560 per tonne.

Zinc was up $5 at $2,840/2,860 per tonne, tin was $55 higher at $16,150/16,300 and nickel was up $600 at $31,400/31,600 per tonne.

Source : Business Line