Scrap Metal Prices and Scrap Metal Auctions

Comodity Online : Base metals, especially copper climbed Monday on higher oil prices and weak dollar despite lack of demand due to economic slowdown.

Copper rose more than 4 per cent from a lost almost 60 per cent this year and is expected to remain weak next year as a result of the global financial crisis.

Copper for three-month delivery on the London Metal Exchange rose 4.1 per cent to a high of $2,940 a tonne from $2,825 at the close on Wednesday.

Oil rose above $42 a barrel in reaction to the violence between Israel and Hamas on fears of supply disruptions.
The dollar fell broadly, hobbled by a grim outlook for the U.S. economy and the Federal Reserve pouring liquidity into the banking system.

A move by China to stockpile tin and aluminum had little impact as market participants awaited further clarity on the deals, traders said.

Top Chinese tin producer Yunnan Tin has proposed selling 30,000 tonnes of tin ingots to Yunnan province for its planned base metal reserves. Tin was trading at $9,950 a tonne from $9,850.

The move follows China’s State Reserves Bureau agreement to buy about 300,000 tonnes of aluminum at around 12,300 Yuan per tonne in January to support producers, trading and industry sources said last week.

However, Aluminum dipped to $1,526 a tonne from $1,540, zinc was down at $1,132.25 from $1,144, lead was at $870 from $875.5, while nickel rose to $9,850 from $9,600.

Source: www.commodityonline.com

Filed under: copper, copper scrap metal prices