Monday, November 26, 2007
Copper up on demand projections
Story link: Copper up on demand projections
by Elaine Frei
by Elaine Frei
Copper saw gains Monday on the possibility that demand from China will remain strong.
The speculation was based on estimates from miner Rio Tinto (LSE: RIO; ASX: RIO; NYSE: RTP) that demand for base metals in general could triple in the next quarter-century at least partly due to growth in China.
December copper in New York added 3 cents to $3.02 per pound while the more active March contracts added 2 cents to $3.05 per pound.
Meanwhile in London, three-month copper added $15 to $6,715 per tonne despite an additional 975 tonnes added to London Metal Exchange inventories on the session.
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