Fundamentals, weak dollar fuel metal gyrations
Dec 23, 2004 | 03:57 AM
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Aluminum and copper hit records during early trading Wednesday before losing ground to end the day about where they started.
Aluminum reached a nine-year high in the official session at the London Metal Exchange, streaking above $1,900 per tonne on heavy fund buying. It lifted the other metals with it, taking copper toward its highest official price of the year.
Aluminum's three-month price soared to a bid/ask spread of $1,915/$1,916 per tonne after a strong performance in the afternoon kerb Tuesday took it to $1,900 per tonne. The three-month contract was at $1,901/$1,904 per tonne during after-hours trading Wednesday.....
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