Copper prices rise on weak U.S. dollar

October 29, 2014 9:17 am 

LONDON, Oct. 29 — The base metal prices on the London Metal Exchange (LME) closed higher on Tuesday.

The U.S. dollar slipped late on Monday after data revealed the U.S. services sector in October grew at its slowest rate since April.

U.S. services sector activity dipped to a six-month low in October, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter.

A weaker dollar helps global consumers buy dollar-denominated commodities such as copper.

The three-month unofficial copper price increased 59.5 U.S. dollars, or 0.88 percent, to 6,786.5 U.S. dollars per tonne.

The three-month unofficial aluminium price increased 19 U.S. dollars, or 0.96 percent, to 2,002 U.S. dollars a tonne.

The three-month unofficial lead price increased 29 U.S. dollars, or 1.44 percent, to 2,047 U.S. dollars a tonne.

Besides, the three-month unofficial zinc price increased 1.5 U. S. dollars, or 0.07 percent, to 2,254.5 U.S. dollars a tonne.

The three-month unofficial nickel price increased 575 U.S. dollars, or 3.89 percent, to 15,362.5 U.S. dollars a tonne.

The three-month unofficial tin price increased 355 U.S. dollars, or 1.82 percent, to 19,875 U.S. dollars a tonne. (PNA/Xinhua)

FPV/EBP

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