UPDATE 7-Copper rides up on Fed hopes, tin hits new record Tue Aug 7, 2007 7:53
PM BST
[input] (Updates with New York closing copper prices, U.S.
Federal Reserve interest rate decision)
By Pratima Desai
LONDON, Aug 7 (Reuters) - Copper prices rose on Tuesday alongside equities as
markets speculated that the U.S. Federal Reserve could act to reassure
investors with an interest rate cut sooner rather than later, while tin hit a
new record high.
Metals shrugged off the weakness in U.S. stocks, which fell on worries about
the economy's health and tracked gains in European shares.
Stronger sentiment helped boost shares of London-listed miners such as BHP
Billiton (BLT.L: Quote, Profile , Research), Vedanta Resources (VED.L: Quote,
Profile , Research) and Anglo American (AAL.L: Quote, Profile , Research),
which were all up between 2-4.5 percent.
Copper <MCU3> for delivery in three months on the London Metal Exchange was up
at $7,745 a tonne versus $7,680 on Monday, when the metal used in the power and
construction industries dipped to a five-week low of $7,585.
In New York, copper for September delivery <HGU7> settled up 3.30 cents at
$3.5065 a lb on the New York Mercantile Exchange's COMEX division, after
dealing between $3.4660 and $3.53.
"There are signs that liquidity and credit conditions are improving," Michael
Jansen, analyst at JP Morgan, said.
---------------------------------
Sick sense of humor? Visit Yahoo! TV's Comedy with an Edge to see what's on,
when.
