Tin reaches record on supply fears
Copper prices hit a new three-month high Tuesday on expected rising demand,
while tin surged to a fresh record on worries about supply disruption, analysts
said.
//--> Wednesday, March 21, 2007
Copper prices hit a new three-month high Tuesday on expected rising
demand, while tin surged to a fresh record on worries about supply disruption,
analysts said.Copper for three-month delivery on the London Metal Exchange hit
US$6,700 (HK$52,260) a tonne, its highest since December 20.
"Prices are very strong and will lead to continuing upgrades of forecasts,"
John Meyer at Numis Securities said.
Stocks of copper in LME registered warehouses fell by 1,925 tonnes to 190,250 -
less than four days of global consumption.
Tin futures hit a fresh record high at US$14,150, before falling back to
US$13,900 against Monday's last quote of US$13,950.
The tin market has been fretting about supply disruptions in Indonesia, the
world's second largest producer.
Nickel, after hitting successive records last week, was quoted at US$46,000,
down from Monday's US$46,550.
Gold rose in New York. Gold futures for April delivery rose US$5, or 0.8
percent, to US$659.30 an ounce in New York Mercantile Exchange.
Oil edged higher Tuesday, driven by expectations gasoline inventories will
decline further in the United States just ahead of peak summer demand.
Prices have recovered from a six- week low of US$56.17 a barrel for US crude
hit Friday.
US crude for May delivery rose 19 US cents to US$59.89 in New York, with the
expiring April contract up 23 US cents at US$56.82. London Brent climbed 20 US
cents to US$60.72 a barrel.
Last week the Organization of Petroleum Exporting Countries decided to keep
current production restraints in place and keep close watch on world oil
markets and the economy.
REUTERS
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