LME LATEST - Copper extends gains in PM rings, tin at new 25-year high BaseMetals.com Copper extended gains during Tuesday afternoon trading on the LME, rising $200 on fears of supply disruptions from the Grasberg mine in Indonesia, while tin rose to a fresh 25-year high near $15,000 a tonne.
Copper climbed to $7,950 a tonne, up $220 or 2.8 percent from Monday, and close to the seven-month high of $7,972.50 reached last week. Earlier, it fell as low as $7,660 before bouncing back up on news that workers from Freeport's Grasberg mine had called off talks with the company over a labour dispute and said they would go ahead with a protest rally tomorrow. Tin advanced to $14,900, up $375 or 2.8 percent, and the highest since January 1982. Although the supply situation in Indonesia has showed signs of improvement in the past few weeks, the market remains tight with a large deficit forecast for this year. Warehouse inventories fell by 85 tonnes to 8,755 tonnes, the lowest since October 2005 or 1-1/2 years. Nickel rose to $47,900, up $1,700 or 3.7 percent, as stocks fell 252 tonnes to 4,020 tonnes, of which 1,362 is under cancelled warrant, meaning less than a day of global consumption is actually available to the market. Zinc soared to $3,700, up $200 or 5.7 percent, and the highest since January 26, with stocks falling another 950 tonnes to 103,700 tonnes. BaseMetals.com 12, Camomile Street, London EC3A 7PT +44 (0) 20 7929 6339 [EMAIL PROTECTED]
