Copper gains on higher LME inventories
by Elaine Frei
Base metals prices were mostly lower as the week ended.
Copper dropped 9 cents on the session to $3.48 per pound in New York while it was 0.7 percent lower in London over the week to $7,710 per tonne as London Metal Exchange inventories grew to 106,650 tonnes, its highest level since the first week in July.
The decline came even though Goldman Sachs (NYSE: GS) upped its forecast of copper prices for next year and there was an ongoing strike in Mexico.
Nickel also declined during the week in London, falling 3.9 percent to $29,300 per tonne as LME stockpiles grew by 330 tonnes and demand by stainless steel producers has declined.
Other decliners in London included aluminium, which fell 2.4 percent to $2,655 per tonne, while zinc was 2.7 percent lower to $3,380 per tonne.
Only tin showed a gain, adding $30 to $16,000 per tonne.
Add to Bookmarks:
Related posts to: Copper gains on higher LME inventories
Zinc gains as China cancels export rebates ...
LME copper inventories decline ...
Copper prices drop on growing stockpiles ...
Copper prices unchanged in London ...
Copper, other base metals see gains ...
Latest Metals News:
Copper prices drop in New York, London BHP Billiton scraps plans to acquire Rio Base metals see more price declines Copper prices fall on inventories, US housing data Copper, aluminium gain after early declines Gold drops half a dollar in New York Copper pares gains on US retail data Copper, aluminium inventories continue to climb Alcoa delays expansion at Wagerup and cuts production Platinum, palladium down on auto sector problemsPrevious: « Platinum down $1 in New York
Next: Mincor nickel explorations show strong potential »
Visited 1161 times, 1 so far today