Copper stocks rein in prices

Print this page Posted on : 12-04-2009 by recycleinme.com

London, Dec. 3

Copper steadied on Thursday, lingering just below the previous day's 14-month high as fears about a Dubai debt problem eased, but the latest hefty rise in copper stocks kept sentiment on a leash.

Three-month copper on the London Metal Exchange stood at $7,125 a tonne at 1042 GMT, unchanged from Wednesday's close. It touched a day's high of $7,166, near the previous session's peak of $7,170, the best since late September 2008.

LME stocks of the metal used in power and construction climbed 2,400 tonnes to 445,400 tonnes, their highest level since late April.

Copper MCU3 has risen more than 130 per cent this year, on track for its biggest annual increase since at least 1978. But it is still far off a record $8,940 struck in July last year, before the collapse of global markets in the last quarter.

Aluminium

Aluminium was at $2,152 from $2,157. It earlier hit $2,166, its highest since late October 2008.

Stocks of the metal used in transport and packaging fell 2,825 tonnes but remain near a record high in the region of 4.6 million tonnes.

Zinc was at $2,427 from $2,420 and battery material lead was at $2,470 from $2,480. Tin traded at $15,180 from $15,225 and nickel was at $16,200 from $16,300.

Source : Business Line