Tuesday 17th August 2010 at 08:06:50 AM
Copper price in London market (LME) closed up on Monday. It was driven by the declining stock, the depreciation of the dollar and trend growth. The robust economy in developing countries tends to offset weak western. Analysts said the stock rose 2% in Shanghai; help set Direction for the market. Which open markets, copper prices were rose.
Price also added momentum from the dollar. This fall, compared with euro After the U.S. Federal Reserve (Fed) in New York, said that overall business conditions index (Empire State Index) from the lower than expected. Copper price adjustment. The poor Gross Domestic Product (GDP) of Japan.
"Overall, the environment is positive. Many metal stocks continued to decline and the economy of many countries, important. China, it continued to grow despite the slow rate at which matter, "said David Michael Mercedes, Bank of America’s analyst. Chinese government agencies disclosed last week that Chinese economy will slow. It’s down again this quarter. While the stimulus package. Beginning of the fiscal performance and reduced cycle hoard new stock is down near the end. Prices also helped tighten supply. This is one reason analysts. Copper market is expected to be balanced or may be a little severe short supply this year.
Stock copper inventory of LME were 406,700 tons, a decrease of approximately 25% from 555,075 tones, the highest level since October. In 2003 the stock tin dropped more than half, reaching 13,940 tons since the end of January and Nickel stock dropped almost 30% to 117,012 tons tin prices are driven by news that manufacture of pure tin from Indonesia, the largest exporter in the world may be down 20% from the government target set at 105,000 tons while the long rainy season errors affecting mining.