Mar
11
Prices of gold, copper rise..
March 11, 2010 | Leave a Comment
LONDON: The prices of gold and copper rose on Wednesday in the London Bullion Market and London Metal Exchange, respectively. The price of gold rose to $1,125 an ounce from $1,115.75 an ounce on Tuesday. Meanwhile, copper rose as data showing strong Chinese imports of the industrial metal boosted confidence in demand from the world’s top consumer. Benchmark copper on the London Metal Exchange traded at $7,572 a tonne at 1606 GMT from $7,510 at Tuesday’s close. The metal used in power and construction was sold briefly after the US open as traders in the world’s largest economy noted economic deterioration in Germany and Britain. However, market focus quickly returned to China’s imports of unwrought copper, which outstripped forecasts by rising 10.3 percent to 322,282 tonnes. “The fact that imports were up month on month does suggest growth is continuing to be good, drawing in more raw material,” said Robin Bhar, analyst at Credit Agricole.