Copper closed strongly on Friday after setting a fresh record high of $3,605 a tonne earlier as metals remained in vogue with the investment community, dealers said. "This is a good close for the week. (Copper's) rally is definitely not over," one LME trader said.
"The delivery pattern this week was irritating for some longs," he added, noting that the speed with which the material had been snapped up, evidenced by rising cancelled warrants, was encouraging.
Total LME copper stocks were just 75 tonnes shy of 51,000, but cancelled warrants were 9,975 tonnes, up from 450 tonnes about two weeks ago.
"People who have delivered recently may be crying out for the metal in a few weeks," the trader said.
Three months copper was at $3,588, up $58 from Thursday's kerb close.
"This is a fund-driven market and they don't want to let it go. Our next target is $3,610 in the near-term and ultimately a cap of $3,800/850 in the next few months," another trader said.
Aluminium was at $1,918, up $8 and seen well supported by fund buying as increasingly strong oil prices might affect production in this energy-intensive sector.
"Aluminium has had a good run and looks strong technically. There has been a little consumer buying. They have waited maybe a little too long to book material and so they have to pay up," the first trader said.
Lead stormed 3.2 percent higher to $884 from $857 and zinc climbed $10 at $1,312. Nickel also gained 3.2 percent or $475 at $15,200 and tin was unchanged at $7,200.
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