AFX: Copper falls after hefty jump in LME inventories
- * Copper trims previous gains of 2 percent and drops to $5,515/5,535 per tonne after inventory data shows a hefty jump.
Copper for three-month delivery on the London Metal Exchange was at $5,515/5,535 per tonne by 0814 GMT, versus around $5,650 per tonne before the inventory data and $5,560 per tonne at the close on Monday.
Stocks of copper in LME registered warehouses rose by 9,600 tonnes to 208,350 tonnes -- their highest since February 2007, with between 80-90 percent of them being held by a single dominant position, according to LME data.
The 9,600 tonnes of stocks were delivered into warehouses in Europe.
Around 3 percent of the total stocks were on cancelled warrants -- material earmarked for delivery.
Nickel was at $14,150 versus $14,300 while zinc was at $1,544/1,554 compared to Monday's $1,549/1,550.
Lead rose to $1,660/1,675 per tonne versus $1,630/1,640 while tin was at $16,325/16,525 versus $16,200/1,205.
Aluminium was at $2,258/2,268 from $2,255. For related news and prices, click on the codes in brackets:
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