Currency weighs on copper

Print this page Posted on : 11-20-2009 by recycleinme.com

London, Nov 19

Copper prices fell on Thursday after touching 14-month highs the previous day, weighed down by a stronger dollar and as investors grew concerned that prices had run ahead of weak fundamentals.

Benchmark copper on the London Metal Exchange traded at $6,791 a tonne in official rings from a close of $6,880 on Wednesday.

Latest LME data showed copper stocks rose 6,450 tonnes to total 420,550, their highest since late April. Among other metals, aluminium was at $2,037 a tonne in rings from $2,065LME data showing stocks surged 35,925 tonnes to total 4.595 million tonnes, near record levels.

Zinc traded at $2,231 from $2,248, while nickel at $17,020 from $17,200.

Lead was last bid at $2,350 from $2,403, while tin at $15,050 from $15,195.

Source : Business Line