INVENTORIES JUMP

Print this page Posted on : 01-01-2010 by recycleinme.com

Capping metals’ gains were demand issues, which remain. LME copper stocks continue to rise, indicating demand has yet to recover outside China, the world’s largest metals consumer.

The latest data showed stocks rose 6,375 tonnes to puncture the 500,000 tonnes, their highest level since April.

So it’s farewell, adieu and arrivederci to the noughties and time to welcome in the 2010s,” Royal Bank of Scotland analysts said in a note. “ But what a decade this has turned out to be for commodities- a decade in which commodities went mainstream as an investment class.

Aluminium traded at $ 2,270 versus $ 2,242 but earlier touched a near two- week high at $ 2,274.

LME stocks of the metal, used in transport and packaging, climbed 475 tonnes to remain near record levels above 4.6 million tonnes.

Nickel traded at $ 18,810 from $ 18,900 while lead was at $ 2,448 from $ 2,411. LME nickel’s stockpiles jumped 4,074 tonnes to a new record of 158,010 tonnes. Zinc traded at $ 2,602 a tonne from $ 2,552 and tin was at $ 16,750 from $ 16,700.

Source : Business Line