LME Copper pares gains as Fed offsets China rate cut
Metal Recycling News | 2012-06-08 03:06:40
London Metal Exchange (LME) base metal prices continued positive trend on Thursday.
By Paul Ploumis
LONDON (Scrap Monster): London Metal Exchange (LME) base metal prices continued positive trend on Thursday.
LME copper climbed in heavy volume on Thursday as a surprise rate cut in China stirred bullish demand prospects, but gains were soon pared after U.S. Federal Reserve Chairman Ben Bernanke dashed hopes for further stimulus measures.
Except Tin and steel, all other metal prices headed in positive direction in LME market.
LME Price Highlights:
--Aluminium alloy remain unchanged at $1860 a metric ton
--Aluminium advanced 0.1% to $1946.50 per metric ton
--Copper advanced 0.28% to $7480 a metric ton
--Lead gained 0.44% to $1915.50 per metric ton
--Nickel gained 2.39% to $16440 per metric ton
--Tin dipped 1.43% to $19610 per metric ton
--Zinc gained 0.05% to $1897.50 a metric ton
--Steel dipped 5.89% to $359.50 per metric ton
The LME metal prices in US $ per metric tonne as on June 7, 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 | 1860.00 | 1946.50 | 7480.00 | 1915.50 | 16440.00 | 19610.00 | 1897.50 | 359.50 |
Cash seller | 1870.00 | 1947.00 | 7480.50 | 1916.00 | 16450.00 | 19620.00 | 1898.00 | 360.50 |
3 M buyer | 1875.00 | 1986.00 | 7480.00 | 1938.00 | 16500.00 | 19600.00 | 1903.00 | 405.00 |
3 M seller | 1885.00 | 1986.50 | 7481.00 | 1939.00 | 16505.00 | 19605.00 | 1904.00 | 415.00 |
