Copper Leaps on LME inventory draw-down

Copper Investing News reports copper prices bounced up as demand for it strengthened.

A huge drawdown in London Metal Exchange inventories provided the strongest boost to copper. Stockpiles monitored by the London Metal Exchange tumbled 2.4 per cent to 480,400 metric tonnes, the biggest one-day drop since October 21. Adding to improved demand prospects were cancelled warrants, which fell to 57,525 tonnes from 66,700 tonnes the session before, but above 29,375 tonnes at the end of March. On the LME, copper for delivery in three months climbed $120, or 2.6 per cent, to $4,819 a tonne. The price is still far off the record $8,940 hit on July 2 2008.

For complete story, click this link. Follow developments in resource mining and exploration for free. Sign on to The Resource Stock Watch.