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Stronger pound not helping as dollar values increase on LME

Date: Tue, 11 Oct 2011 | Author: Paul Sanderson

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Most metals continued to increase in value on the LME yesterday, but a stronger pound meant that any gains in sterling were modest as a result.

The exchange rate yesterday was up to 1.5646 compared to Friday’s 1.5536.

Copper has now gained $500 in a week after registering $6,819 last Monday. Yesterday, the metal was up to $7,346 (£4,695) from $7,277 (£4,684) on Friday.

Aluminium was up to $2,221 yesterday from Friday’s $2,212 but the sterling value fell to £1,420 from last week’s £1,424. Alloy fell to $2,195 (£1,403) from Friday’s $2,200 (£1,416).

Lead increased to $1,956 (£1,250) yesterday compared to $1,931 (£1,243) on Friday. Nickel was up to $18,800 from $18,750 but the sterling value fell to £12,016 from Friday’s £12,069.

Tin rose to $23,025 (£14,716) yesterday up from Friday’s $22,675 (£14,595). Zinc was up to $1,920 ($1,227) from $1,869 ($1,203).

Steel increased to $570 (£364) from $550 (£354). 

Category: Recycling
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