Copper prices up on economic data
by Elaine Frei
The price of copper rose to its highest level in 16 months in afternoon trade in London on Wednesday.
Three-month copper on the London Metal Exchange was up $250.25 to $7,735.25 per tonne in late afternoon trade, while March copper added 8 cents to $3.49 per pound in New York.
The gains came on new data, including a report Tuesday that factory orders in the United States are up and, separately, that car sales in the US were trending higher as 2009 ended, and even though LME inventories of the metal used in manufacturing and construction gained 2,050 tonnes to 507,400 tonnes, an indication that demand remains weak.
Aluminium, zinc, lead, tin and nickel prices all also saw gains.
Among precious metals, February gold added $17.80 to $1,136.50 per troy ounce, March silver was up 38 cents to $18.18 per troy ounce and April platinum gained $20.10 to $1,557.90 per troy ounce.
Add to Bookmarks:
Related posts to: Copper prices up on economic data
Data sends copper prices slightly lower ...
Copper prices down on economic, demand worries ...
Copper gains in London, falls slightly in New York ...
Copper prices gain on US retail sales data ...
Nautilus completes Phase one deep sea exploration program ...
Latest Metals News:
Copper higher in London, New York Investor concerns send copper prices lower Copper, aluminium prices climb as other base metals fall Copper up in London; inventories fall, cancelled warrants rise Copper gains on US jobs data, China comments Copper up on weaker dollar Copper prices climb after Chile quake Metals prices mixed in New York, London Gold down slightly in NY on stronger dollar Copper prices up after last week’s declinesPrevious: « Precious metals prices see gains
Next: Jobs data, China concerns hurt copper prices »
Visited 1309 times, 6 so far today