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19 February 2010


LME copper at 3-week high

Source: Metals Place

LME copper ended at $7,435/mt on Friday.

Copper prices rose to their highest levels in more than three weeks, as improved economic sentiment in the United States and expectations of robust Chinese demand bolstered the funds' appetite for the industrial metal.

"I'm very surprised with its strength over the last two weeks," said Justin Lennon, analyst at Mitsui Bussan Commodities (USA) Inc.

"The macroeconomic indicators have been strong lately, and copper has benefited from that, and expectations that China will be strong coming out of holiday," he said, pointing to strong regional U.S. manufacturing data this week.

"The inflation data eased fears of monetary tightening but that's also negative for the dollar, so the moves in metals have been largely currency informed," said Daniel Major, analyst at RBS Global Banking and Markets.

Closing LME prices for Friday:


Copper $7,435 +$175
Aluminium $2,139 +$25
Zinc $2,359 +$49
Lead $2,359 +$40
Tin $16,995 -$55
Nickel $20,725 +$275