LME Copper dropes as US stimulus hopes fade

LONDON (Scrap Monster): London Metal Exchange (LME) copper fell on Friday, largely tracking a volatile euro versus the dollar, but cut its losses later in the day on hopes that European policymakers were perhaps gaining an upper hand in containing the region's long-standing debt problem.

Aluminium alloy also traded lower on LME market on Friday, which declined by 0.56% to $1755 a metric ton.

Except copper and aluminium alloy, all other metal prices showed a positive trend on Friday. LME tin, which hit $20,069 in the previous session, its highest since May 7, advanced by 2.29% to $20315 per metric ton on Friday.

LME Price Highlights:

--Aluminium alloy declined 0.56% to $1755 a metric ton

--Aluminium advanced 0.51% to $1870.50 per metric ton

--Copper fell 0.87% to $7600 a metric ton

--Lead rose 1.04% to $1941 per metric ton

--Nickel advanced 1.82% to $16425 per metric ton

--Tin gained 2.29% to $20315 per metric ton

--Zinc rose 0.38% to $1836 a metric ton

--Steel advanced 2.94% to $350 per metric ton

The LME metal prices in US $ per metric ton as on August 24, 2011. The figures in brackets refer to prices that prevailed on the previous day.