Chinese data lift copper towards 14- month high

Print this page Posted on : 12-02-2009 by recycleinme.com

Reuters

London, Dec. 1 Copper rose to within a whisker of 14- month highs on Tuesday, boosted by manufacturing data from China, easing fears of contagion from a debt crisis in Dubai and a weaker dollar.

Benchmark copper on the London Metal Exchange was trading at $ 7,015 a tonne at 1044 GMT compared with a session high of $ 7,041 and Monday’s close at $ 6,930 a tonne. Data showed China, the world’s largest consumer of industrial metals, is ending the year on a strong note, laying the foundations for solid expansion in 2010.

Stocks of copper in LME warehouses at around 441,000 tonnes are up 70 per cent since July and the highest since April, while stocks of aluminium at near 4.6 million tonnes are within sight of the record 4.629 million tonnes seen in September.

Aluminium touched $ 2,097.50 a tonne, the highest since Aug. 5.

Stocks of nickel rose to 140,646 tonnes, the highest since January 1995.

Nickel was trading at $ 16,425 from $ 16,400, zinc at $ 2,337 from $ 2,322, lead at $ 2,390 from $ 2,345 and tin at $ 15,100 from $ 15,200 on Monday.

Source : Business Line