Copper slips on weak demand, aluminium near highs
Tuesday, 24 June 2008
LONDON, June 23 (Reuters): Copper came under pressure Monday after data showed weak demand from China while aluminium hovered close to its highest level in three months, traders and analysts said.
A strong dollar also weighed on industrial metals, making them more expensive for local currency holders, but analysts said "window dressing activity"-when investors buy to keep prices high ahead of a quarter's end-capped possible losses. Copper for three-months delivery on the London Metal Exchange MCU3 touched $8,490 per tonne, its highest since May 19 and was at $8,410/8,430 per tonne.
A strong dollar also weighed on industrial metals, making them more expensive for local currency holders, but analysts said "window dressing activity"-when investors buy to keep prices high ahead of a quarter's end-capped possible losses. Copper for three-months delivery on the London Metal Exchange MCU3 touched $8,490 per tonne, its highest since May 19 and was at $8,410/8,430 per tonne.