LME Copper hits November high
Metal Recycling News | 2012-11-20 04:20:08
LME copper prices closed above $7,800 per tonne for the first time in over two weeks on Monday with $200 added to the previous close as markets bought riskier assets.
By Paul Ploumis
LONDON (Scrap Monster): LME copper prices closed above $7,800 per tonne for the first time in over two weeks on Monday with $200 added to the previous close as markets bought riskier assets.
Three-month copper added 2.6% on a close-to-close basis on Monday, finishing the day at $7,804 per tonne, the highest level since November 1.
The more confident buying follows positive signals that US politicians will resolve their differences in negotiations over the country’s budget.
The US equity indices opened more than 1% higher on Monday after Barack Obama expressed confidence in getting a deal on the budget through Congress, while stronger-than-expected US home sales data also lifted the mood.
