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LME Cu settles below $3,700 as stocks rise again

November 12, 2008 - 13:35 GMT Location: London

KEYWORDS: copper , aluminium , nickel , LME , base metals

Three-month copper settled below $3,700 per tonne in the official pricing session on the London Metal Exchange on Wednesday on rising stocks and deteriorating sentiment across the base metals market.

Copper recorded an official three-month price of $3,625/35 per tonne after closing on Tuesday at $3,640, as selling resumed on mounting concerns over global demand for raw materials. Stocks rose by net 4,625 tonnes in LME-bonded warehouses, taking total inventories to 270,100 tonnes. “We’re just trying to keep our heads above water every day,” said one category II trading source. The stronger dollar, which was trading at $1.25 against the euro at 13:12 GMT, is also putting pressure on base metals prices. Prices have not yet bottomed out and could fall another $600, market sources suggested. Copper prices will only improve once Chinese buying picks...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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