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Copper jumps after news of lower Chinese inflation

Date: Fri, 14 Oct 2011 | Author: Paul Sanderson

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Chinese inflation fell to 6.1 per cent in September from its three-year peak of 6.5 per cent in July.

Markets were boosted by this news, despite the overnight downgrade of Spain by credit ratings agency Standard & Poor’s. The Chinese government has been trying to cool its over-heating economy, so investors welcomed the fact that these measures appeared to be working and reduces the risk of the government there needing to raise interest rates.

As a result, in early trading three-month copper on the LME was up to $7,546 (£4,806) this morning.

Yesterday, copper fell to $7,347 (£4,682) compared to $7,435 (£4,729) on Wednesday.

Aluminium was down on Thursday to $2,209 (£1,408) from $2,239 (£1,424) the day before. Alloy was at $2,170 (£1,383) lower than Wednesday’s $2,195 (£1,396).

Lead was barely changed at $2,013 (£1,283) compared to Wednesday’s $2,016 (£1,282). Nickel dropped to $18,455 (£11,761) on Thursday from $19,000 (£12,084) the day before.

Tin was unchanged at $22,400 but the stronger dollar rate meant it increased yesterday to £14,272 from £14,247 on Wednesday. Zinc was down to $1,910 (£1,217) from $1,952 (£1,242).

Steel was unchanged at $535 (£340).

 

Category: Recycling
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