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Base metals prices rocket after LME officials following Greek austerity agreement

February 09, 2012 - 15:31 GMT Location: London

KEYWORDS: base metals , prices , LME , Greece , copper , nickel , tin , lead , zinc

Base metals prices have shot up following the official session on the London Metal Exchange on news that a bailout agreement has been reached in Greece.

Greek politicians came to an agreement during the afternoon on Thursday February 9, for an international bailout fund worth up to $170 billion. The agreement has yet to be discussed in Brussels, meanwhile, and some analysts have said the euphoria generated by the news could easily wear off. Copper prices hit $8,730 per tonne on the high on Thursday at about 14:30 GMT, climbing towards levels last seen in September 2011, and marking a swift increase from the official price of $8,545.5/46 per tonne. “It’s gone up almost vertically. It’s a whole new world out there, but I don’t think it will last,” one London-based analyst...

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

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