Copper eyes $10,000/t on dwindling LME stocks
Copper prices hit a record high on fresh fund buying with traders eyeing $10,000 a tonne on falling inventories in an already tight market.
By TNN |
LONDON: Copper prices hit a record high on fresh fund buying on Thursday with traders eyeing $10,000 a tonne on falling inventories in an already tight market. But the metal steadied as some investors cashed in profits after a breathless rally, which has helped copper gain around 5% this week.
Copper for delivery in three months was at $8,720 per tonne by afternoon, down from an earlier record high of $8,820 and $8,785 at mid-session. The metal, used extensively in construction, is still up $30 from its close of $8,690 on Thursday.
Other key base metals also erased some of their gains, but analysts saw the pull-back as only a brief pause. The copper market remains beholden to falling LME inventory and ongoing fears of supply disruptions, analyst Daniel Hynes at Merrill Lynch said.
Nickel futures rose to a seven-and-a-half-month high of $35,150 and were last at $33,600 against Wednesday���s $33,400.
Three-month aluminium was at $3,212 versus $3,208 on Wednesday. Prices were supported by the surge in US crude to a record high above $105 per barrel.
Tin hovered close to its all-time high of $19,375. It hit an intra-day high of $19,350 before being unchanged at $19,250. Zinc was at $2,840 against $2,815 and lead gained to $3,375 from $3,350.
Copper for delivery in three months was at $8,720 per tonne by afternoon, down from an earlier record high of $8,820 and $8,785 at mid-session. The metal, used extensively in construction, is still up $30 from its close of $8,690 on Thursday.
Other key base metals also erased some of their gains, but analysts saw the pull-back as only a brief pause. The copper market remains beholden to falling LME inventory and ongoing fears of supply disruptions, analyst Daniel Hynes at Merrill Lynch said.
Nickel futures rose to a seven-and-a-half-month high of $35,150 and were last at $33,600 against Wednesday���s $33,400.
Three-month aluminium was at $3,212 versus $3,208 on Wednesday. Prices were supported by the surge in US crude to a record high above $105 per barrel.
Tin hovered close to its all-time high of $19,375. It hit an intra-day high of $19,350 before being unchanged at $19,250. Zinc was at $2,840 against $2,815 and lead gained to $3,375 from $3,350.
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