16 Oct 2012 Last updated at 05:43:34 GMT
LME Copper face downward pressure as inventory climbs
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LONDON (Scrap Monster): Copper prices on the London Metal Exchange inched up in early Asian trading on Tuesday, although participants said the red metal may soon face a downward correction on rising inventory.
LME three-month copper stood at $8,139 per tonne at 03:06 London time, up just $4 from its opening price.
The contract touched a high of $8,148.5 per tonne and a low of $8,050 per tonne – its lowest level since September 12.
“We have suggested investors to go short for the near term, as there is little reason to be long,” said a Shanghai-based analyst.
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Price
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