Aluminium
Inventory gains send copper, aluminium prices lower
by Elaine Frei
More gains in inventories of copper and aluminium in London Metal Exchange warehouses along with continuing worries about demand sent base metals prices lower Friday.
LME copper stockpiles were up 6,775 tonnes on the session to 230,060 tonnes to their highest level in four and a half years, while aluminium inventories added 1,150 tonnes during the [...]
Copper drops 20 cents per pound in New York trade
by Elaine Frei
Copper prices fell sharply Thursday on a stronger dollar and gains in stockpiles of the metal in London Metal Exchange warehouses.
December copper was down 20 cents to $1.89 per pound in New York while three-month copper dropped $445 to $4,210 per tonne after gaining over 12 percent on Wednesday as LME inventories added 6,575 tonnes [...]
Copper gains on US home sales data
by Elaine Frei
Most base metals saw gains Tuesday after the US dollar strengthened and equities markets were higher after several consecutive sessions of declines.
December copper was up 5 cents to $1.86 per pound while three-month copper added $110 to $4,130 per tonne, helped by new data showing that new home sales in the US were up in [...]
Copper, aluminium prices down on inventories, stronger dollar
by Elaine Frei
Base metals prices were mostly lower again Friday as the US dollar strengthened and fears of recession grew.
December copper was 12 cents lower to $1.69 per pound in New York while three-month copper on the London Metal Exchange fell $265 to $3,775 per tonne, bringing copper’s decline this week to more than 20 percent, while [...]
BHP’s ambitions for Rio unshaken by financial turmoil
by Gill Montia
The recent global financial turmoil and the possibility of a slowdown in growth in the Chinese economy have shed doubts on the likelihood of BHP pursuing its hostile takeover of Rio Tinto.
However, BHP Billiton chairman, Don Argus, has told shareholders attending the group’s London annual general meeting that preparations are continuing.
Mr Argus’ ambitions towards Rio [...]
Gold down on stronger US dollar
by Elaine Frei
Both precious metals and base metals prices were mixed Thursday as the dollar strengthened and investors abandoned their investments in commodities.
December gold was down $20.50 to $714.70 per troy ounce in New York after it earlier fell to $695.20 per troy ounce, its lowest level in over a year as investors sold their holdings in [...]
Dollar strength hurts metals prices
by Elaine Frei
Metals prices dropped Wednesday as the dollar strengthened to make metals more expensive for investors buying in other currencies and as worries about the erosion of demand continued.
December copper was down 14 cents to $1.87 per pound in New York while three-month copper dropped $340 to $4,160 per tonne in London as inventories in London [...]
Base, precious metals prices mixed on session
by Elaine Frei
Most base metals prices fell Tuesday on continuing worries that demand will continue to decline and as the US dollar strengthened.
December copper was down 11 cents to $2.01 per pound in New York while three-month copper dropped $220 to $4,500 per tonne even though inventories in London Metal Exchange warehouses dropped 6,500 tonnes on the [...]
Gold adds after falling below $800 per troy ounce
by Elaine Frei
Precious metals prices rose Monday but the price of base metals retreated on worries about demand after inventories rose in warehouses in many regions of the world.
December gold added $2.30 to $790 per troy ounce in New York after the price of the metal dropped below $800 per troy ounce, inducing more buyers to jump [...]
Lead prices up on declines in inventories
by Elaine Frei
Base metals prices were mixed Friday while precious metals prices declined on the session.
Lead added $100 to $1,460 per tonne in London trade on a decline in London Metal Exchange inventories.
LME lead inventories dropped 1,650 on the session to 59,425 tonnes, with 20 percent of that amount unavailable because it is already marked for delivery.
Decmeber [...]
Copper prices drop in New York, London
by Elaine Frei
Most base metals prices plummeted again Thursday on continuing worries that demand will decline on a weakening economy, especially after the Philadelphia Federal Reserve reported that factory output in the region was at an 18-year low this month.
December copper dropped 13 cents to $2.09 per pound in New York and three-month copper dropped $260 to [...]
Base metals back to declines
by Elaine Frei
After a day of gains yesterday, base metals prices dropped again on Wednesday as investors worried about a contracting economy and consequent slowing of demand for metals to build houses, make cars, and manufacture other consumer goods.
Prices fell after reports showing that retail sales were down in September in the United States and that manufacturing [...]
Copper up but closes well below session highs
by Elaine Frei
Most base metals prices were higher Tuesday.
Three-month copper added $185 to $5,300 per tonne on the London Metal Exchange while December copper was up 8 cents to $2.39 per pound in New York
Copper had gone as high as $5,615 per tonne in London, but dropped on pessimism after European equities markets closed off session highs [...]
Copper adds 17 cents per pound in New York
by Elaine Frei
Base metals prices were higher Monday as global equities markets tried to bounce back from last week’s steep declines and after European leaders agreed over the weekend to help out banks in the region.
December copper was 17 cents higher to $2.31 per pound in New York and three-month copper jumped $315 to $5,115 per tonne [...]
Copper drops $515 per tonne in London
by Elaine Frei
Metals prices fell significantly Friday after equities markets plunged globally on concerns that a recession is inevitable.
The price of copper is now down 46 percent since it set a record high in July, falling $515 to $4,800 per tonne in London after going as low as $4,570 per tonne, a 14 percent drop to near [...]
Copper gains $75 despite demand concerns
by Elaine Frei
Base metals prices were higher Thursday even though prospects for demand for the metals remained poor, with most gains supported by the prospect that miners will cut output.
Three-month copper added $75 to $5,240 per tonne and went as high as $5,429 per tonne in London while December copper added 5 cents to $2.41 per pound [...]
Industrial metals suffer on economy concerns
by Elaine Frei
Base metals prices were lower again Wednesday on continuing worries about the state of the global economy, but a move by the US Federal Reserve, the European Central Bank, the Bank of England and several other central banks to cut interest rates, generally by about half a percentage point each, brought most prices up from [...]
Precious metals prices climb on demand
by Elaine Frei
The price of gold was higher Tuesday, with December contracts in New York up $19.80 to $886 per troy ounce on the possibility that the US Federal Reserve and the European Central Bank will cut interest rates soon in a bid to help out credit markets.
Gold and other precious metals also saw gains on demand [...]
Gold gains on investor search for safety
by Elaine Frei
Precious metals prices were mixed Monday as gold saw gains as demand by investors grew.
December gold added $33.30 to $866.50 per troy ounce in New York as investors sought safe places to put their money after global equities markets plummeted on a spread of the credit crisis to Europe and as the euro declined in [...]
Copper prices gain on demand hopes
by Elaine Frei
Copper prices were up in New York before the US House of Representatives voted to pass a bailout plan for US banks on hopes that the measure would stop the slide in US and global economies.
Strengthening economies would, investors hope, boost demand for copper, which is used in construction.
The gains came even though the Labor [...]