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Friday February 23, 9:29 PMLME copper hits highest since early JanLONDON, Feb 23 (Reuters) - London Metal Exchange copper traded on Friday at its highest since Jan. 2, while tin slipped from its highs on signs of increased suppply from Indonesia.LME copper was at $6,231.5 per tonne at midsession, up $96.5 from the previous close, after prices surged $345 on Thursday. It hit an intraday high of $6,242 earlier. "It is just a matter of someone wanting to push it up," a trader said. The move lacked a fundamental trigger, but the break of technical resistance at $5,950 sparked buying. "Once it went over $5,950 the people who sold it because it was range-trading started buying again," the trader said. At $6,231.5, copper is up over 18 percent from its recent low of $5,260 on Feb. 6 but remains around 30 percent off its record high of $8,800 touched in May 2006. JP Morgan technical strategist Robin Wilkin said in a weekly note that copper prices looked likely to head back towards $7,500/8,000 at the end of the second quarter. UK metals consultancy Bloomsbury Minerals Economics said in a report it expected copper prices to remain at these levels until the end of 2008 as growth of exchange-held stocks was seen slowing. [ID:nL23206177] Stocks in LME warehouses soared from a critically low level of some 25,000 tonnes in July 2005 to around 213,000 or just over four days of global consumption on Friday. PROFIT-TAKING Tin slipped 2.7 percent to $13,325 versus its close of $13,700. It touched a contract high of $13,950 on Thursday. The fall was sparked by a combination of profit-taking and a slightly less tight supply outlook after Indonesia approved an export permit for state mining firm PT Timah , traders said [ID:nJAK309202]. Lead extended its recent sequence of reaching new highs in successive sessions. It traded up to $1,920 in early business, up $20 from the high it struck on Thursday, and was up $30 at $1,910 in the open outcry trading session. Production problems in Australia resulting in the declaration of force majeure at a British refinery have encouraged speculative interest in the metal. Nickel was up $995 at $39,895. On Wednesday, nickel hit a record $40,250 on expectations that supply would continue to be tight and demand strong. Nickel stocks in LME warehouses rose 42 tonnes on Friday. But the amounts earmarked for delivery meant available stocks were 2,280 tonnes, equivalent to just over half a day of world consumption.. Zinc rose $79 to $3,559/3,560, while aluminium was $33 higher at $2,828. (Additional reporting by Nick Trevethan in Singapore) |
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