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Tuesday, October 28, 2008
UPDATE
UPDATE ON OCTOBER 28 AT 8 PM IST
* Copper rises more than 4 pct as short-covering takes hold
* U.S. housing data and short-covering dominates
* Equity markets rise as financial crisis jitters ease
Copper rose 4.1 percent to track equity markets higher on
Tuesday, as investors covered short positions and bargain
hunters entered the fray buoyed by stronger housing market
data in the United States.
Copper for three month delivery on the London Metal Exchange
was traded at $4,090 in official rings from $4,020 at the close
on Monday and compared with a session high of $4,185.
However, prices of the metal used in power and construction
have fallen about 50 percent since a record high of $8,940 in July.
* Copper rises more than 4 pct as short-covering takes hold
* U.S. housing data and short-covering dominates
* Equity markets rise as financial crisis jitters ease
Copper rose 4.1 percent to track equity markets higher on
Tuesday, as investors covered short positions and bargain
hunters entered the fray buoyed by stronger housing market
data in the United States.
Copper for three month delivery on the London Metal Exchange
was traded at $4,090 in official rings from $4,020 at the close
on Monday and compared with a session high of $4,185.
However, prices of the metal used in power and construction
have fallen about 50 percent since a record high of $8,940 in July.
