Copper and other base metal prices are lower as the US dollar edges upward
LONDON (Aug 12) Copper price today declined on the London Metal Exchange, dragged down by firmer US dollar, but the fall was contained by signs that a slowdown in the world’s biggest copper consumer China was easing and expectations that data this week would show the euro zone emerging from recession. China’s factory output last month increased at the fastest pace since the start of the year.
Copper for delivery in three months was at $7,268 a tonne as of 10:54 GMT after hitting $7,318.50 earlier in the session, its highest level since June 7. The contract closed at $7,274 on Friday.
The other base metals all rose on the LME. Aluminium price gained $13 from Friday’s close to $1,885 per tonne; tin price was at $22,165 from $22,075; lead price was at $2,193, up from $2,180; zinc rose to $1,953 from $1,944 and nickel price was at $14,890, up from $14,680 a tonne.