Aluminium
News helps copper prices
by Elaine Frei
Copper prices were higher Thursday on several bits of good economic news.
In the US, the good news came in the form of a decline in continuing jobless claims announced by the Labor Department, while at the same time the US dollar weakened to make gold look better as an investment.
Additionally, China’s central bank said it [...]
Copper drops in New York on demand concerns
by Elaine Frei
September copper was 4 cents lower to $2.48 per pound in New York trade on Wednesday as demand worries reasserted themselves.
There are concerns that demand will decline again on the possibility that recent stockpile building in China has resulted in that nation holding more of the metal than it can use in new construction and [...]
Aluminium gains on demand hopes
by Elaine Frei
Aluminium prices were higher Tuesday in London, adding $17 to $1,843 per tonne in afternoon trade there on the prospect of increased demand as inventories dropped by 4,225 tonnes during the day, even though stockpiles remain near record highs and are still up 3.5 percent this month.
On the other hand, zinc and lead inventories were [...]
Platinum sees gains on price forecast
by Elaine Frei
Platinum prices were up substantially Monday on predictions that prices will rise on increased demand both from pollution-control device manufacturers and from jewelry makers.
Banc of America Securities-Merrill Lynch forecast that platinum could rise above $1,500 in the next two years or so.
October platinum added $31.10 to $1,222.50 per troy ounce in New York while September [...]
London copper prices up on eurozone data
by Elaine Frei
Copper prices were up in London Friday after an Ifo survey showed that German business sentiment was up to 87.3 in July, from 85.9 in June and on better news from the service and manufacturing sectors in the Eurozone.
Three-month copper was up $25 to $5,555 per tonne in London even though London Metal Exchange inventories [...]
Copper gains on existing home sales data
by Elaine Frei
Copper prices ranged from little changed to a bit higher Thursday after good news on housing.
Prices were down early in the session, but were up again on new data from the National Association of Realtors showing that existing home sales were up 3.6 percent in June, sending the unsold inventory of homes down to 3.8 [...]
Copper prices rise on China demand, damage at Chile mine
by Elaine Frei
Copper prices were higher Wednesday on reports that demand for the metal was higher in China in June and that manufacturing also expanded there during the month.
June imports of refined copper were up 12 percent from May’s levels to 378,943 tonnes.
In addition, prices were pushed upward by news that the Collahuasi mine in Chile will [...]
Precious metals prices drop on Bernanke interest rate comments
by Elaine Frei
Precious metals prices were lower Tuesday after being up earlier in the session.
The declines came as Federal Reserve Chairman Ben Bernanke told the House Financial Services committee that US interest rates will remain low for some time to come in the absence of any pressure toward inflation.
This cut demand for metals as an alternative investment.
August [...]
Platinum prices gain on home construction data
by Elaine Frei
The price of platinum was higher Friday as investors hoped that the economy will recover soon, based on new data from the US Department of Labor which showed that home construction in the United States was up in June by the most in 5 years.
New home and apartment construction was up 3.6 percent during the [...]
Copper little changed on Mid-Atlantic region manufacturing data
by Elaine Frei
Metals prices were mixed Thursday.
September copper was nearly unchanged in New York trade at $2.39 per pound while three-month copper dropped $3 to $5,260 per tonne on the London Metal Exchange after going as low as $5,163 per tonne earlier in the session.
The slight decline came on new data showing contraction in manufacturing activity in [...]
New manufacturing data helps copper prices
by Elaine Frei
Copper prices saw gains Wednesday after new data was released showing that manufacturing in the New York region decline less in July than it has in a year and that June’s industrial production in the US as a whole contracted more slowly than it has in eight months.
September copper was 9 cents higher to $2.39 [...]
Copper follows equities higher
by Elaine Frei
A weaker US dollar and increased investor confidence on gains in equities markets helped copper prices to gains on Tuesday.
September copper added 8 cents to $2.30 per pound in New York trade, while three-month copper added $150 to $5,045 per tonne after going as high as $5,080.50 per tonne earlier in the session in London [...]
Copper prices up, but not by much
by Elaine Frei
Copper prices were higher Monday, but only by a little after gains in European and US equities markets.
Prices also held close to the previous session’s levels after copper producer Freeport-McMoRan said that operations at one of its mines in Indonesia had not been disrupted by the discovery of a third body after two attacks over [...]
Tin lower in London as China exports decline
by Elaine Frei
Base metals prices were lower Friday as tin approached its biggest weekly decline in twenty years on news reports that exports of the metal from China dropped 21 percent in June from the previous year at the same time after rising 36 percent in the second quarter and going up by 72 percent in the [...]
Copper higher on dollar, sentiment
by Elaine Frei
A weaker dollar and analyst sentiment helped copper prices rise Thursday.
September copper added 8 cents to $2.24 per pound in New York trade, while three-month copper was up $170 to $4,895 per tonne on the London Metal Exchange.
An analyst report said that a slowdown in purchases of the metal, used in construction and manufacturing, by [...]
Copper, other metals see price declines
by Elaine Frei
Metals prices were lower once again on Wednesday as the dollar strengthened and worries about economic recovery continued.
Copper prices were hurt by a decline in machinery orders in Japan, which fell 3 percent in May from April’s levels and prompted concerns about demand for copper for use in manufacturing.
September copper was down 7 cents to [...]
Platinum, palladium prices lower on demand concerns
by Elaine Frei
Price for platinum and palladium fell Tuesday on concerns that demand for the metals in industrial uses, especially by automakers, will not recover soon as signs pointed to a delay in recovery from the global recession.
Both precious metals are used in the manufacture of pollution control devices for motor vehicles.
October platinum fell $11.20 to $1,135.80 [...]
Copper prices fall on demand worries
by Elaine Frei
Copper prices fell Monday after Deutsche Bank (FWB: DBK; NYSE: DB) predicted that demand for the metal used in manufacturing and construction will fall 3.9 percent this year and that supply will top demand both this year and next.
In addition, there are indications that copper imports into China, which were up earlier in the year, [...]
Car sales, employment numbers send platinum lower
by Elaine Frei
Precious metals prices were lower Thursday as demand concerns were raised by new unemployment data from the United States.
Platinum declined on the bad jobs news from the US Labor Department, which said that the US lost 467,000 jobs in June, 104,000 more than had been expected.
The numbers indicated that the recession remains entrenched in the [...]
Copper prices hurt by US, Eurozone jobs data
by Elaine Frei
Copper prices were lower Thursday after employment data from both the United States and the Eurozone held bad news that raised fears of delayed demand recovery for the metal used in construction and manufacturing.
The US Labor Department reported that 467,000 US jobs were lost in June, many more than expected, and that the unemployment rate [...]