Copper climbs back up towards $9,000 on LME

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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.

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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.