Metals News
Copper Futures Rebound as Concern Eases on Energy Costs, Global Economy
industry news
09:39AM
Mar 9,2011
Source:SMM

Mar.9 (Bloomberg) --Copper rebounded from the lowest price in almost two weeks as economic concerns eased following a drop in energy costs.

Crude oil fell from a 29-month high in New York on speculation that members of the Organization of Petroleum Exporting Countries will meet to discuss ways to make up for the loss of production out of Libya. U.S. equities advanced. Copper prices jumped to a record last month as mining companies struggled to keep pace with rising consumption.

"Middle East concerns and oil prices remain at the forefront,” said Alex Heath, the head of industrial-metals trading at Royal Bank of Canada Europe Ltd. in London. "The market will remain volatile.”

Copper futures for May delivery rose 1.15 cents, or 0.3 percent, to close at $4.3385 a pound at 1:16 p.m. on the Comex in New York, halting a four-session slump. Earlier, the price touched $4.254, the lowest since Feb. 24.

Oil fell as much as 2 percent to $103.33 a barrel today.

On the London Metal Exchange, copper for delivery in three months gained $31, or 0.3 percent, to $9,530 a metric ton ($4.32 a pound).

Aluminum, lead and zinc rose also climbed in London. Nickel and tin fell.
 


 

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