Stock drawdown buzz stimulates copper price

Nov 12, 2004 | 10:56 AM | Julie Bresnick

Copper shot to a one-month high on the London Metal Exchange Friday, buoyed by fund buying and rumors of further stock drawdowns in the near future.

Three-month copper settled at $3,012 a tonne but later traded as high as $3,025 a tonne, regaining almost all its losses since the market fell during LME Week in early October.

"There has been fund buying (as) copper and aluminum are experiencing a slow erosion of stocks," an LME ring dealer said. Copper stocks fell 100 tonnes to 68,525 tonnes as of Friday, while aluminum stocks were down 2,025 tonnes to 709,100 tonnes.....

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