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Copper climbs back up towards $9,000 on LME

Date: Fri, 26 Aug 2011 | Author: Paul Sanderson

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In early trading today, copper breached $9,000 for the first time since 8 August.

But all eyes are on a speech US Federal Reserve chairman Ben Bernanke’s speech to the annual central bank conference in Jackson Hole, Wyoming, where there is speculation further economic stimulus will be announced.

Fastmarkets Research analyst James Moore said in a research note: “The base metals have been edging higher amid stimulus speculation, Chinese demand and favourable fundamentals in the likes of copper, but copper is struggling to reclaim the $9,000 a tonne mark and suggests players are still concerned about the macro-economic situation.”

The official price for copper on Thursday was $8,924 (£5,449) up from $8,854 (£5,376) a day earlier.

Aluminium pushed up a little to $2,368 (£1,446) from $2,359 (£1,432) on Wednesday. Alloy dropped to $2,235 (£1,365) from Wednesday’s $2,260 (£1,372).

Lead moved up to $2,391 (£1,460) on Thursday from $2,341 (£1,421) the day before. Nickel also increased in price to $21,050 (£12,853) from $20,825 (£12,645) on Wednesday.

Tin also moved back up to $23,450 (£14,319) from $23,250 (£14,117) on Wednesday. Zinc also increased to $2,214 (£1,352) from $2,178 (£1,322).

Steel was unchanged in dollars at $575 but increased in sterling to £351 from £349 the day before.

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