Copper at 2- month low

Print this page Posted on : 02-02-2010 by recycleinme.com

London, Feb. 1 Copper fell to a two- and- a- half month low on Monday, as strong economic data heightened investor concerns that China, the world’s top metals consumer, may further tighten monetary policy.

By 1051 GMT, copper for three month delivery on the London Metal Exchange fell to $ 6,680 a tonne from $ 6,745 at the curb on Friday, according to the LME. It earlier touched a session low at $ 6,600, a level not seen since Nov. 16 and was on track for a fifth day of declines, its longest losing streak since August 2009.

Among other base metals, aluminium traded at twomonth low at $ 2,068 versus $ 2,080 at the curb on Friday. LME stocks in the metal, used in transport and packaging, fell 625 tonnes but remained near record levels above 4.6 million tonnes.

Steel making ingredient nickel traded at $ 18,375 from $ 18,500 at the curb on Friday, while battery material lead was at $ 2,004.50 from $ 2,020. Lead earlier touched a low of $ 1,960, a level not seen since August.

Zinc traded at $ 2,090.25 a tonne from $ 2,110 at the curb on Friday, and tin was at $ 16,300 from $ 17,200. Zinc earlier hit a three and a half month low at $ 2,074.

Source : Business Line