Copper steady, inventory rise weighs

Copper was steady after an uncertain start on Friday, vacillating between investors who fret prices have gone too high despite weak demand fundamentals, and a weak U.S. dollar which gives a boost to metal prices.


The price has been moving within a $500 (U.S.) range since the beginning of August as the market worries over uncertainties about the pace of the recovery and prices have become prone to a correction after more than doubling since the start of the year.

Copper for three months delivery on the London Metal Exchange was at $6,318 a tonne by 0952 GMT, versus $6,294 a tonne on Thursday.


The U.S. dollar fell to a one-year low against a basket of currencies, making industrial metals cheaper for local currency holders.


Lead extended falls from the previous session, when it tumbled more than 13 per cent and touched its lowest in two weeks following a report by China's state-run research body Antaike saying the country's refined lead surplus is expected to grow this year and widen further in 2010.


The battery material was last at $2,058 a tonne versus $2,120 a tonne on Thursday. Aluminum was almost unchanged at $1,855 versus $1,854.


Nickel, steel-making ingredient was at $17,150 a tonne versus $17,200 a tonne.

Zinc was down at $1,896 a tonne from $1,920.

Tin edged higher to trade at $14,400 from $14,150.

24 Hour Base Metals