A stimulus package proposed for the world’s second largest consumer of copper has yet to impact on the price of the metal.
US President Barack Obama announced a $447 billion (£279 billion) infrastructure economic stimulus deal yesterday, but it needs to get support from the Republican Party, which could be tricky. Along with a slight softening in Chinese inflation which would add downward pressure, three month copper only saw a small boost yesterday.
The metal rose to $9,061 (£5,659) from Wednesday’s $8,990 (£5,619), but this was the first time it was above $9,000 this week. Early trading this morning, saw little movement in the metal.
Aluminium crept up to $2,403 (£1,501) from $2,389 (£1,493) a day earlier. Alloy moved up to $2,305 (£1,440) on Thursday from $2,280 (£1,425) the day before.
Lead was priced at $2,404 (£1,526) from $2,410 (£1,506) a day earlier. Nickel increased to $21,555 (£13,463) from Wednesday’s $21,220 (£13,263).
Tin was up to £24,400 (£15,240) from $24,090 (£15,057) on Wednesday. Zinc inched up to $2,218 (£1,385) on Thursday from $2,214 (£1,384) a day earlier.
Steel settled up at $585 (£365) from $580 (£363).