Copper Declines in London on Rising Stockpiles
26th November 2009
Prices may advance to $7,333 a ton in December, technical analysts at Barclays Capital said in a report dated yesterday. By looking at technical charts, copper will get “strong support” at $6,730 and in the medium term the “bull trend” remains intact with prices potentially rising as much as $7,630, the report said.
Inventories of copper in warehouses monitored by the London Metal Exchange rose 0.1 percent to 432,075 metric tons, the highest since April 23. The U.S. Dollar Index of the greenback against six currencies gained as much as 0.6 percent, making dollar-priced metals more expensive to holders of other monies.
Aluminum fell 0.3 percent to $2,040 a ton, and zinc shed 1.4 percent to $2,275 a ton. Nickel dropped 1 percent to $16,832 a ton and lead fell 0.8 percent to $2,372 a ton.
Tags: Aluminum, Copper, holders, technical analysts