LME Copper advances 0.84% to $7670/ ton
Metal Recycling News | 2012-09-07 06:16:35
London Metal Exchange (LME) copper prices held near a 1-1/2-month top on Thursday on hopes the European Central Bank will unveil a new plan to combat surging borrowing costs in indebted euro zone states.
By Paul Ploumis
LONDON (Scrap Monster): London Metal Exchange (LME) copper prices held near a 1-1/2-month top on Thursday on hopes the European Central Bank will unveil a new plan to combat surging borrowing costs in indebted euro zone states.
Leaks before the meeting gave investors confidence that the ECB will launch a new bond-buying plan, spurring appetite for riskier assets and sending London copper to $7,749 a tonne, a hair off 1-1/2-month high hit on Wednesday.
Base metals almost traded higher on LME market on Thursday. Aluminium and zinc both advanced to new two-month highs and lead reached a fresh high since mid-May on Thursday.
LME Price Highlights:
--Aluminium alloy rose 1.67% to $1820 a metric ton
--Aluminium advanced 1.78% to $1962 per metric ton
--Copper advanced 0.84% to $7670 a metric ton
--Lead rose 2.23% to $2035.50 per metric ton
--Nickel rose 1.7% to $16100 per metric ton
--Tin gained 0.28% to $19555 per metric ton
--Zinc advanced 1.54% to $1872.50 a metric ton
– Steel declined 4.45% to $315 per metric ton
The LME metal prices in US $ per metric ton as on September 06, 2011. The figures in brackets refer to prices that prevailed on the previous day.
Metals | Aluminium Alloy | Aluminium | Copper | Lead | Nickel | Tin | Zinc | Steel |
Cash buyer | 1820.00 | 1962.00 | 7670.00 | 2035.50 | 16100.00 | 19555.00 | 1872.50 | 315.00 |
Cash seller | 1830.00 | 1963.00 | 7670.50 | 2036.00 | 16105.00 | 19560.00 | 1873.00 | 320.00 |
3 M buyer | 1840.00 | 1975.00 | 7680.00 | 2045.00 | 16150.00 | 19600.00 | 1897.00 | 325.00 |
3 M seller | 1850.00 | 1975.50 | 7680.50 | 2045.50 | 16175.00 | 19625.00 | 1898.00 | 335.00 |
