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Metal: Copper breaks through £5,000 level

Fri, 28 Oct 2011

With more optimism over the state of the global economy, all metals were up on the LME yesterday.

Markets reacted well to the European deal to solve the euro debt crisis as well as positive economic news from both the US and China – the world’s largest and second largest economies respectively.

As a result copper was at $8,039 (£5,025) compared to $7,734 (£4,842) on Wednesday.

Aluminium was up to $2,253 (£1,408) on Thursday from $2,218 (£1,389) a day earlier. Alloy increased to $2,170 (£1,356) from Wednesday’s $2,095 (£1,312).

Lead edged up to $1,979 (£1,237) from $1,962 (£1,228) on Wednesday. Nickel increased to $19,795 (£12,373) on Thursday from $19,650 (£12,301) a day earlier.

Tin was up to $21,850 (£13,658) from $21,825 (£13,663) the day before. Zinc moved up to $1,910 (£1,194) from Wednesday’s $1,863 ($1,166).

Steel was up to $535 (£334) from $530 (£332).     

Author: Paul Sanderson

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