A stronger dollar caused copper to close down in New York on Tuesday, after the metal jumped 3 percent in London on threats of a mine strike and in catch up to gains made in Shanghai during the Christmas break. Zinc hit 20-month highs, tin 14-month peaks and nickel two-month tops in London as well.
Copper for March delivery on the COMEX metals division of the New York Mercantile Exchange closed down 2.30 cents, or 0.7 percent, at $3.3135 per lb. On the London Metal Exchange, copper for three-months delivery rallied to $7,290 a tonne, its highest since late September 2008, and closed up $205 at $7,275 a tonne. COMEX copper hit 16-month highs in the previous session, pushed up by lower inventories of the metal on the Shanghai futures exchange and a weaker US dollar amid light, holiday-crimped trading.
Comments
Comments are closed.