(08/04) Thu Apr 7, 2011 4:26pm GMT Print | Single Page [-] Text [+] * European Central Bank hikes interest rate to 1.25 pct * Tin near record high

April 08, 2011

Copper reached its highest price
levels in about two weeks on Thursday after Portugal announced
it would accept a bailout from the European Commission, but then
pared some gains as a new earthquake hit Japan.
Copper for three-month delivery CMCU3 on the London Metal
Exchange (LME) closed at $9,670 a tonne, from a close of $9,605
on Wednesday.
It hit a two-week high at $9,753 a tonne as markets welcomed
debt-ridden Portugal's announcement it would make a formal
request for European aid.
But the metal used in power and construction then slipped
back after an earthquake of magnitude 7.4 shook the northeast of
Japan and a tsunami warning was issued for the coast, already
devastated by last month's quake and tsunami. [ID:nL3E7F72Y2]
"It is quite surprising that the market has not moved more,"
said Kryuchenkov.
Copper was little changed after data showed that new U.S.
claims for unemployment benefits fell by slightly more than
expected last week, pointing to firming labour market
conditions.