LME Copper advances as China's Wen offers euro zone support
Metal Recycling News | 2012-08-31 04:00:59
London Metal Exchange (LME) copper rose on Thursday after three straight sessions of losses, buoyed by Chinese Premier Wen Jiabao's support for the euro zone, which helped boost investor confidence in the global economy and the outlook for metals demand.
By Paul Ploumis
LONDON (Scrap Monster): London Metal Exchange (LME) copper rose on Thursday after three straight sessions of losses, buoyed by Chinese Premier Wen Jiabao's support for the euro zone, which helped boost investor confidence in the global economy and the outlook for metals demand.
Meanwhile, tin on the LME, which enjoyed a jump of more than $2,000 last week, eased by 4.19% to $19400 per metric ton on Thursday. Aluminium, Zinc and Steel prices also ended in red on LME market on Thursday.
LME Price Highlights:
--Aluminium alloy rose 0.45% to $1759 a metric ton
--Aluminium declined 0.26% to $1867 per metric ton
--Copper advanced 1.14% to $7610.50 a metric ton
--Lead rose 0.22% to $1962.50 per metric ton
--Nickel advanced 0.24% to $16270 per metric ton
--Tin eased 4.19% to $19400 per metric ton
--Zinc slipped 0.1% to $1832 a metric ton
--Steel declined 1.44% to $340 per metric ton
The LME metal prices in US $ per metric ton as on August 30, 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 | 1759.00 | 1867.00 | 7610.50 | 1962.50 | 16270.00 | 19400.00 | 1832.00 | 340.00 |
Cash seller | 1760.00 | 1868.00 | 7611.00 | 1963.00 | 16280.00 | 19425.00 | 1832.50 | 345.00 |
3 M buyer | 1780.00 | 1890.50 | 7624.00 | 1965.00 | 16360.00 | 19355.00 | 1856.00 | 355.00 |
3 M seller | 1785.00 | 1891.00 | 7625.00 | 1967.00 | 16365.00 | 19360.00 | 1857.00 | 365.00 |
