Copper stays firm despite growth pangs

Copper prices on the London Metal Exchange traded sideways on global growth worries and tin extended the previous session’s losses ahead of the second quarter, analysts said on Thursday. Copper for delivery in three months was up $44.5 at $6,699.5/6,700 a tonne in the second official open outcry session. On Wednesday it closed at $6,655. Tin was down 3.3% at $13,350/13,400 from $13,800 on Wednesday, when it dropped over 5% on profit-taking on long positions built up in recent months. Falling nickel stocks underpinned prices, down by 204 tonnes to 5,292, with just 3,270 available to the market — less than one day of global consumption. Three-month nickel gained 1% to $43,845/43,850 in thin volumes against Wednesday’s $43,400. Lead stood at $1,904.5/1,905, up $4.5, aluminium was up $5.5 at $2,755.5 and zinc was flat at $3,200.

Courtesy: EconomicTimes
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