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LME ASIAN WRAP: Copper prices up on Spain banks bailout, China data

June 11, 2012 - 07:16 GMT Location: Singapore

KEYWORDS: LME , prices , China data , Spain , copper , aluminium , zinc , tin , lead

Copper prices on the London Metal Exchange rose in early Asian trading on Monday June 11, on a eurozone rescue package for Spain’s distressed banks and encouraging China data over the weekend.

At 04:03 London time, three-month copper was at $7,456 per tonne, up $6.75 from its open. The contract touched a high of 7,506.75 and a low of $7,425 per tonne. “The news of a Spanish banks bailout package and better-than-expected China trade figures boosted copper prices,” a category II member said. “Copper may pick up slightly to $7,600 and even go up to $7,800 in the near term,” he said. But he was still cautious about the macro-economic environment in Europe, adding that China’s recent cut in interest rates will take a...

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