Copper gains on supply woes in thin holiday trade

Copper hovered around three-month peaks in holiday-thinned Asian trading on Friday, underpinned by signs supplies were getting tighter as London Metal Exchange inventories drop off.

A steady decline in LME copper warehouse stocks, exacerbated by weather-related infrastructure problems in China, and reports of lower output at Chile's Codelco for 2007, were keeping copper prices firm.

LME copper for delivery in three months was $7,575/$7,595 a tonne, up $15 from the London close and the highest price since November 1 2007.

Copper has been mostly in decline since hitting a high point of $8,310 a tonne in October.

Read Full Article from Reuters South Africa

- Posted: 2008-02-08 10:09:17

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