Last Updated :
01 February 2011 at 15:30 IST
Copper likely to hit $10,000 a metric ton
LONDON (Commodity Online) : Copper reached a record with the price of the base metal on the threshold of breaking $10,000 a metric ton.
Three-month copper LME climbed 1.2% to reach $9,860 a metric ton, breaching the previous peak of $9,782 assumed Monday, and was seen trading for $9,853 at 3:20 p.m. in Singapore. The rally is the best run since the previous uptrend lasting eight months ended August 2009.
Copper inventories in LME depleted by the most in 11 months.
US inventories have depleted the maximum, the country that stands second to China in copper consumption.
The Chinese demand is believed to exhibit stability even as the government has made lending rates dearer.
Global copper stocks may be short by 822,000 tons in 2011, says Barclays. The view is echoed by International Copper Study Group as well.
Tin in London climbed 1% to $30,400 a ton. The metal was the best performer in LME in 2010 as supplies from Indonesia dwindled and on lower output from China and Africa.
Low dollar is also expected to contribute to copper rally.
MCX SILVER MINI 999 30 June 2012
contract was trading at
Rs 55950 , up Rs. 309 . What's your view on it?
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