Lehman catastrophe fails to shake LME copper

Copper Investing News reports copper prices remained stable despite the catastrophe with Lehman Brothers.

Although Wall Street plunged on Lehman’s demise, this huge development failed to shake LME copper. Copper for delivery in three months advanced US$211, or 3 per cent, to US$7141 a tonne near closing on the Exchange, and is headed for a 3.5 per cent weekly gain. Indian copper futures did not behave as favourably as concerns about the health of the U.S. economy saw investors dumping base metals for safer assets. At 5.45 p.m. on Monday, the benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) was down 2.59 per cent at Rs 314.15 per kg.

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