Copper falls to 7- week low
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Copper fell to the lowest in more than seven weeks on the London Metal Exchange as inventories expanded and demand weakened. Nickel and zinc also dropped.
Copper stockpiles monitored by exchanges in London, New York and Shanghai rose to 241,901 tonnes, the highest since June 6, according to Bloomberg calculations.
At warehouses monitored by the LME, the metal ear marked for withdrawal, indicated by so-called cancelled warrants, fell to 425 tonnes, the lowest since October 1997.
Copper for delivery in three months fell $27, or 0.4 per cent, to $7,408 a tonne as of 11:07 a.m. in London. The contract earlier fell to $7350, the lowest since September 12.
TIN SUPPLY
Indonesia, the world’s second-largest tin producer, will probably cap exports next year at a quarter less than last year in a bid to support prices, the head of state-owned tin refiner PT Timah said. The Government may introduce an export quota of 90,000 tonnes for 2008, Mr. Wachid Usman, president director of the Pangkalpinang-based company, said in an interview. Shipments may total 88,560 tonnes this year, an Indonesian Government official forecast in May. Tin rose $100, or 0.6 per cent, to $16,650 a tonne.
Aluminium fell $9 to $2,613 a tonne and nickel dropped $400 to $31,800. Lead added $19 to $3,730 a tonne and tin rose $50 to $16,600. Zinc declined $34 to $2,735.
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Source : Business Line |
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