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Copper falls 1.09% as stocks keep rising

Bnamericas Published: Wednesday, May 06, 2009
The price of copper fell 1.09% to US$2.082/lb cash on the London Metal Exchange from the previous day as stocks rose by 7,225t to 402,150t. Looking forward, Barclays Capital said in its daily commodities report that it has reason to believe the price will not decline severely in the near future with the scarcity of scrap and output obstacles such as declining grades and operational problems still occurring. "One of the most compelling aspects of the copper market dynamics in 2009 has been the tightness in the scrap market," the report said. Meanwhile, aluminum rose to US$0.676/lb cash on the LME from US$0.671/lb the day before. Zinc rose to US$0.690/lb cash from US$0.681/lb. Nickel rebounded on Wednesday to finish at US$5.445/lb cash, versus US$5.398/lb the day before. Tin increased to US$6.078/lb cash from US$5.783/lb, while lead was down to US$0.639/lb cash from US$0.647/lb.

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