Copper makes record gains as supplies at record lows

| July 28, 2005 | 0 Comments
Copper makes record gains as supplies at record lows

Three-month copper gained $45 to break through the $3,500 level to $3,535.5 per tonne as inventories stayed around record low levels.

Another factor in the rise in price was data out of the United States that indicated metals demand might be stronger than previously expected.

Copper is the only metal whose base price has risen on the year.

The price of copper is up by 20 percent so far this year and has gone up a full 50 percent since the beginning of last year.

Some metals did see price rises on Thursday, with aluminium up $16.5 to $1,865 per tonne, while zinc gained $20 to $1,256 per tonne and lead advanced by $14 to $854 per tonne.

Prices on nickel and tin were down on the day.

Gold, helped by a weakening of the dollar, gained nearly $4 to $428.20/$428.90 per troy ounce.

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