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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.

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
(1790.00)

1962.00
(1927.50)

7670.00
(7606.00)

2035.50
(1991.00)

16100.00
(15830.00)

19555.00
(19500.00)

1872.50
(1844.00)

315.00
(330.00)

Cash seller

1830.00
(1800.00)

1963.00
(1928.00)

7670.50
(7606.50)

2036.00
(1991.50)

16105.00
(15835.00)

19560.00
(19525.00)

1873.00
(1844.50)

320.00
(333.00)

3 M buyer

1840.00
(1810.00)

1975.00
(1940.00)

7680.00
(7615.00)

2045.00
(1996.00)

16150.00
(15880.00)

19600.00
(19500.00)

1897.00
(1870.00)

325.00
(340.00)

3 M seller

1850.00
(1820.00)

1975.50
(1940.50)

7680.50
(7615.50)

2045.50
(1996.50)

16175.00
(15885.00)

19625.00
(19505.00)

1898.00
(1870.50)

335.00
(350.00)

 

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