Aluminium
Copper lower on US economic data
by Elaine Frei
Copper prices were lower Friday after the US Commerce Department reported that the nation’s gross domestic product contracted by 6.2 percent on an annualized basis in the fourth quarter.
In addition, consumer spending fell at by 4.3 percent last quarter, while Deutsche Bank (FWB: DBK; NYSE: DB) predicted that the price of copper will average $1.275 [...]
Precious metals prices slide as gold demand falls
by Elaine Frei
Precious metals prices were lower in New York on Thursday after the demand for gold declined as equities markets gained enough that investors were not as worried about finding safe places to put their cash.
Price gains in the recent rally, which took the price of gold above $1,000 per troy ounce for a time, have [...]
Base metals prices gain on demand hopes
by Elaine Frei
Base metals prices saw more gains Wednesday as it looked as if demand for the metals used in construction and manufacturing could be on the rise.
May copper was up 4 cents to $1.54 per pound in New York while three-month copper added $125 to $3,410 per tonne in London.
The gains came as the amount of [...]
Aluminium gains despite record inventories
by Elaine Frei
Most base metals prices were higher Tuesday on gains in US equities markets, which encouraged investors to believe that demand for copper, aluminium and other metals used in industry will rebound.
Three-month aluminium added $45 to $1,333 per tonne in London even though inventories in London Metal Exchange warehouses are up to 3.2 million tonnes, a [...]
Copper gains on lower LME stockpiles
by Elaine Frei
Copper prices were higher Monday after London Metal Exchange stockpiles declined and as it looked as if the US government would put more money into US banks in an effort to rescue the financial sector, which investors figured could boost the economy and stimulate demand for the metal.
May copper added 2 cents to $1.45 per [...]
Gold passes $1,000 per ounce
by Elaine Frei
The price of gold in New York rose above $1,000 per troy ounce Friday, for the first time in almost a year, as investors looked for safe places to put there cash amid falling equities markets and concerns about the global financial sector.
Most of the soaring demand for gold is due to investment rather than [...]
Copper rises as precious metals decline
by Elaine Frei
The price of gold was lower Thursday on slower demand while silver and platinum prices also fell but copper saw gains after the dollar weakened during the session.
May contracts for copper added 3 cents to $1.49 per pound in New York and three-month copper was up $107 to $3,342 per tonne, or $1.42 per pound, [...]
Copper prices climb on stockpile decline
by Elaine Frei
Copper prices were higher in London Wednesday after stockpiles dropped in London Metal Exchange-monitored warehouses in Asia, indicating that top consumer China could be buying again.
Inventories in LME warehouses dropped by 1,125 tonnes during the session, the biggest one-session decline in nearly four months.
In late afternoon trade in London, three-month copper had added $52 to [...]
Copper prices fall on manufacturing data
by Elaine Frei
Copper prices were lower Tuesday on continuing concerns that demand for the metal will decline more after new data showed that manufacturing activity in the New York region of the United States contracted faster than it ever has before in February.
May copper was 11 cents lower to $1.44 per pound in New York, while three-month [...]
Copper, nickel prices drop on gains in inventories
by Elaine Frei
Most base metals prices were lower again on Thursday, with investors still worried that demand will continue to deteriorate as inventories of some metals were up again.
March copper was down less than a cent to $1.54 per pound at noon in New York but had pulled back from bigger declines earlier on new data showing [...]
Copper prices drop on China imports data
by Elaine Frei
Copper prices dropped Wednesday on new data showing that China’s copper imports dropped by 19 percent in January, from December’s numbers.
The drop in imports into the world’s biggest consumer of copper painted a picture of a continuing global decline in demand for the metal.
March copper was down 4 cents to $1.54 per pound in New [...]
Gold gains on inflation fears
by Elaine Frei
Precious metals prices were higher Tuesday on concerns that new US government plans to bail out banks and rescue the economy from recession will send inflation soaring.
The new plan was announced by US Treasury Secretary Timothy Geithner, who said that the plan would take time and money and would entail a certain amount of risk.
Gold [...]
Gold declines on US stimulus speculation
by Elaine Frei
The price of gold was lower in New York Monday on the possibility that the US stimulus package could be smaller than expected, cutting the amount by which it could boost inflation.
There were rumors that the package, to be voted on soon by Congress, could be anywhere from $39 billion to $120 billion less than [...]
Copper prices rise on demand hopes
by Elaine Frei
The price of copper was up Friday on hopes that the US Congress will pass a stimulus package proposed by President Barack Obama, with the expectation that spending coming from that plan will boost demand for the metal.
Additionally, China has begun to spend stimulus money, a move that should increase demand for copper there.
Also helping [...]
Base metals prices fall on reports, inventories
by Elaine Frei
Base metals prices were lower Thursday on concerns that demand will continue to fall after a report said that copper production will exceed demand this year, after zinc inventories in London Metal Exchange warehouses were up during the session, and on a new report from the US Labor Department said that new jobless claims rose [...]
China manufacturing data helps copper prices higher
by Elaine Frei
Copper prices were slightly higher Wednesday after the Purchasing Manager’s Index in China rose to 45.3 in January from 41.2 in December, showing that while manufacturing activity is still contracting in China, it is not doing so as rapidly has it had been.
This new data, plus reports showing that contraction is also slowing in the [...]
Copper, other base metals see gains
by Elaine Frei
Copper prices were up Tuesday on new data showing home sales and manufacturing up in the United States.
The National Association of Realtors reported that pending existing home sales were up 6.3 percent in December, while the Institute for Supply Management said Monday that US manufacturers saw new orders grow in January.
March copper added 9 cents [...]
Copper prices mixed on falling spending, inventories
by Elaine Frei
Copper prices were mixed Monday on new data from the US indicating that demand will likely continue to decline and on the first drop in London Metal Exchange stockpiles in nearly two months.
The US commerce department said that spending on construction dropped 1.4 percent in the US in December and was down 5.1 percent for [...]
Chinalco to make further investment in Rio
by Gill Montia
Chinese aluminium company, Chinalco, is reported to be on the verge of increasing its stake in Rio Tinto.
Rio is struggling to reduce debt of around $40 billion and is in the throes of selling assets and a major cost reduction programme that involves 14,000 job losses worldwide.
Over the weekend, both The Times and The Telegraph [...]