Metals rise accross the board

Friday, 8 April 2011 11:07

Copper in London gained for a fourth day, on track for its best week in two months, on growing optimism that supplies will fall short of demand. Gains in Tin, Zinc, Lead and ALU were also strong in the past week.

Copper for three month delivery on the LME hit highs of $9,780 a metric tonne. Copper has risen over 4.5% this week which has been the largest weekly increase since Feb. 4. This is off the back of China raising interst rates this week yet the contact is still climbing. Tin gained 0.8 % to a record $32,800 a ton.

Copper for May delivery on the Comex climbed 0.6 % to $4.441 a ton, up 4.3 % this week the highest level in two months. The metal for June delivery on the Shanghai Futures Exchange gained for a third day, rising 1.3 % to 72,630 yuan ($11,107) a ton.

Aluminum in London increased 0.5 % to $2,684 a ton, zinc rose 0.6 % to $2,467 a ton, lead advanced 1.2 % to $2,822 a ton and nickel climbed 1.7 % to $27,250 a ton.