Lead falls on speculation; nickel rises
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Lead fell in London on speculation Invernia Inx, a company with the capacity to account for 3 per cent of global mine supply, may resume production in ?We4stern Australia. Nickel rose and copper declined.
The removal of stockpiles may lead to the resumption of production at Ivernia’s mine in the first quarter of 2008, said Ms Galye Berry, a metals analyst in London at Barclays Capital, one of 12 companies trading on the floor of the London Metal Exchange.
Lead for delivery in three months on the LME fell $60, or 2 per cent, at $3,000 a tonne as of 10:43 a.m. local time. Lead earmarked for delivery out of LME –registered warehouses jumped 59 per cent to 6,500 tonnes, or 15 per cent of total stockpiles, according to a daily report. The so-called cancelled warrants have more than tripled since Nov. 26 to the highest since Aug.7.
NO PICKUP
The increase in cancelled warrants was probably because the metal was used in “financing deals,” and not necessarily indicative of the pickup in demand, Ms Gayle Berry said, Nickel gained $305, or 1.1 per cent, to $27,400 a tonne after stockpiles of the metal dropped most in five months. Inventories fell 1.2 per cent to 44,334 tonnes, the LME said.
Copper dropped $73 to $6,927 a tonne. LME stockpiles rose 0.2 per cent to 189,500 tonnes. Aluminium gained $8 to $2,508 and tin declined $50 to $17,050. Zinc fell $20 to $2,575.
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Source : Business Line |
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