Markets

Copper erases earlier losses

(China Daily)
Updated: 2010-08-20 09:01

SINGAPORE - Copper gained for a fourth day, erasing earlier losses, as diminishing stockpiles improved the outlook for demand. Zinc and lead climbed.

Three-month copper on the London Metal Exchange gained as much as 0.9 percent to $7,458.25 a metric ton, the highest price since Aug 9, and traded at $7,437 at 3:54 pm on Thursday in Singapore, extending a 3.3 percent advance in the past three days. The November-delivery contract on the Shanghai Futures Exchange climbed as much as 0.6 percent to 58,360 yuan ($8,596) a ton, and settled at 58,260 yuan.

Earlier, copper dropped as much as 0.5 percent as the dollar rose for the first day in four against a six-currency basket including the euro after Germany's Der Spiegel reported tensions are rising in Greece as austerity measures shrink the economy.

Bloomberg News

(China Daily 08/20/2010 page17)