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Cu, moly prices rally in LME pre-market after Chile earthquake

March 01, 2010 - 09:50 GMT Location: London

KEYWORDS: copper , molybdic oxide , zinc , LME

Copper and molybdic oxide prices rallied in early trading on the London Metal Exchange on Monday on busy overnight trading following the earthquake in Chile, the world's largest copper producer

Three-month copper opened at $7,521.75 per tonne before climbing to a high of $7,600 per tonne by about 08:30 GMT. This compares with Friday’s official price of $7,095/96 per tonne. Three-month molybdic oxide followed suit, rising to $40,000/42,500 per tonne at 09:25 GMT, compared with with an official price of $38,000/39,900 per tonne on Friday. “It’s all due to what has happened in Chile,” a category I trader told MB. “We had traded copper already before [going to] bed [and] getting up and starting again,” he added. Traders were talking to customers who were keen to buy copper at the opening price over the weekend. “We’re a 24-hour trading operation so New York overnight was a...

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