The Times of Zambia (Ndola)

Zambia: Copper Price Steady

6 July 2012
Photo: IRIN

THE prices of copper steadied yesterday as investors waited for the result of a European Central Bank meeting.

Reuters reports that the prices for three-month copper on the London Metal Exchange (LME) shed 0.1 per cent to $7,718.75 per tonne after falling by 1.2 per cent in the prior session.

The prices for most-active October copper contract on the Shanghai Futures Exchange eased by 10 yuan percent to 55,980 yuan ($8,800) per tonne, snapping five sessions of gains.

Metals prices are seeing support from hopes that China, the world's largest consumer of industrial metals, would embark on fresh stimulus measures to boost flagging economy growth.

The prices of gold prices traded in a tight $6 range around $1,615 an ounce ahead of an expected rate cut by the European Central Bank that should boost liquidity and enhance bullion's appeal.

Spot gold traded flat at $1,615.10 an ounce. US gold futures contract for August delivery lost 0.4 per cent to $1,615.60.

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