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Metal prices increase and dollar stronger adding sterling value

Date: Fri, 7 Oct 2011 | Author: Paul Sanderson

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All metals were up on the LME yesterday with a little more optimism returning to the market.

Copper traders are feeling more positive amid reports that the Chinese buyers will re-enter the market next week with the week-long national holiday over and prices lower enticing them to buy.

The dollar was also stronger with the LME official exchange rate against the pound down to 1.5302 from 1.5447 on Wednesday.

Three month copper was up to $7,120 (£4,653) yesterday from $6,880 (£4,454) on Wednesday.

Aluminium increased on Thursday to $2,202 (£1,439) from $2,164 (£1,401) the day before. Alloy was up to $2,140 (£1,399) yesterday compared to $2,125 (£1,376) the previous day.

Lead edged up to $1,924 (£1,257) on Thursday from $1,908 (£1,235) a day earlier. Nickel increased to $18,775 (£12,270) from Wednesday’s $18,410 (£11,918).

Tin was up to $22,125 (£14,459) yesterday from $21,200 (£13,724) the day before. Zinc was $1,865 (£1,219) on Thursday from $1,852 (£1,199) on Wednesday.

Steel was the only metal to fall to $550 from $555 on Wednesday but remained at £359 in sterling.  

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