Copper hits 14-month high as equities climb

Print this page Posted on : 11-19-2009 by recycleinme.com

London, Nov. 18

Copper hit a 14-month high on Wednesday as dollar fell and equity markets bounced back. By 1152 GMT, copper for three month delivery on the London Metal Exchange traded at $6,970 a tonne from $6,826 at the close on Tuesday.

The metal, earlier peaked at $6,992, its highest since late September 2008. The metal is now eyeing the $7,000 level, a key area of resistance.

RISING INVENTORIES

The latest data showed copper stocks rose 4,100 tonnes to total 414,100 {ndash} their highest level since late April.

Aluminium hit a high at $2,095, a level not seen since August 5 but was last at $2,083 versus $2,036. LME stocks fell 1,000 tonnes but remained near record levels above 4.5 million tonnes.

Nickel traded at one week high at $17,400 from $16,900 while battery material lead touched a one month high at $2,447.75 but last at $2,425 from $2,385.

Nickel inventories rose 18 tonnes to 15 year highs at 132,930 tonnes, as analysts predicted a rocky rise for the steel industry in 2010.

Zinc traded at $2,296.50 a tonne from $2,263 but earlier hit a three week high at $2,313.75, while tin also peaked at a near one month high at $15,300 but was last at $15,200 from $14,950.

Zinc stocks jumped 15,650 tonnes to hit a four year high at 449,375 tonnes.

Warehouses in New Orleans were the destination for a large chunk of this stock, according to LME data.

Source : Business Line