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Copper boosted by Greek parliament vote

Date: Thu, 30 Jun 2011 | Author: Paul Sanderson

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The price of copper hit its highest price for two months at the close of the LME, after the Greek parliament voted to accept its austerity package.

Three month copper was up 2.7 per cent at close to $9,320 compared to $9,072 at the close on Tuesday.

Tin was up to $25,845 after closing at $25,375 on Tuesday. Zinc was up to$2,317 from $2,275 the day before. Lead was also up to $2,634 from $2,585 a day earlier. Nickel increased to $23,075 from $22,680 on Tuesday.

However, aluminium barely moved and was in the region of $2,533 from $2,520 a day earlier.

Barclays Capital analyst Gayle Barry said: “You can’t say there is much of a fundamental link, but it’s clearly helped to alleviate some of the risk-off mentality that had been depressing the LME.”

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