LONDON: Base metals hit new highs on the London Metal Exchange (LME), with copper above $6,600 on Friday after a major correction in the previous session. But traders said the market remains volatile.
"The funds are buying again after the fall on Thursday, but we may see some profit-taking by the end of the day," an LME dealer said.
Copper touched $6,625 a tonne on Select, up 5.2% against Thursday’s kerb close. The metal ended the official rings at $6,621, against $6,296. On Thursday, copper dropped to $6,150 after a major sell-off in silver that triggered a correction across commodities.
China’s economy was expected to continue to grow strongly, with internal consumption and import growth accelerating, and export growth moderating, a Barclays Capital report said.
Zinc hit a new record of $3,270,with a gain of $195.The pattern of falling zinc stocks continued with a 1,900-tonne draw on LME inventories. Nickel peaked at a new record of $19,200 on Select.
At the end of the official rings, nickel traded $19,100, $550 higher. Aluminium was up $103 to $2,738, nearing its recent 17-1/2 year peak of $2,772 hit earlier this week. Lead gained $25 at $1,215 and tin was up $100 to $9,100
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