LME Copper face downward pressure as inventory climbs
Metal Recycling News | 2012-10-16 05:43:34
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.
By Paul Ploumis
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.
