Copper prices down in LME officials

Copper prices inched down during official trading on Thursday December 29 as the year-end slowdown tightened its grip and uneasiness over the future of the eurozone grows.

Copper prices settled at $7,385/86 per tonne, basis three months, after opening at $7,398 per tonne. The red metal saw a low of $7,368 per tonne by 12.30 GMT. “Base metals were dragged down by news that the ECB’s balance sheet had reached a record high of €2.73 trillion [$3.53 trillion] as it stepped up lending to the region’s financial institutions in order to prevent a drying up of liquidity,” analysts at Standard Bank said in a morning note. “We maintain that a liquidity squeeze brought on by the ongoing debt problems in...

Published

Claire Hack

December 29, 2011

13:20 GMT