Aluminum, Nickel, Other Metals Rise on Economic Data
2002-05-28 09:44 (New York)
Aluminum, Nickel, Other Metals Rise on Economic Data
London, May 28 (Bloomberg) -- Aluminum, nickel and other
metals rose on investors' expectations that a global economic
recovery led by the U.S. and parts of Asia will boost demand for
metals, used in everything from fridges to jet fighters.
South Korea's industrial production probably rose for a
second month in April because of rising domestic and overseas
orders, according to economists polled by Bloomberg News. Spending
on durable goods such as cars and household appliances in the
U.S., the largest economy, rose 1.4 percent in April after falling
0.2 percent in March.
``The demand picture looks slightly brighter now,'' said
Kevin Norrish, a metals analyst at Barclays Capital in London.
``There are pockets of consumption-led expansion in the Far East,
notably Korea, and we've had a few weeks where the U.S. data has
been better than expected.''
Aluminum for delivery in three months rose as much as $17.50,
or 1.3 percent, to $1,368 a ton on the London Metal Exchange, its
highest price in two weeks. Tin for delivery in three months
gained as much as $60, or 1.4 percent, to $4,240 a ton, the
metal's biggest gain in almost a month.
Nickel for delivery in three months climbed as much as $150,
or 2.3 percent, to $6,750 a ton. Zinc for delivery in three months
rose as much as $12, or 1.6 percent, to $780 a ton. Both metals
were at their highest price in seven trading sessions.
Copper for delivery in three months rose as much as $30, or
1.9 percent, to $1,650 a ton, the highest price since April 2. BHP
Billiton Group and Rio Tinto Group said they will keep a 10
percent output cut at a Chilean mine until next year because of a
slower-than-expected rebound in the economy.
Billiton shares fell as much as 9 pence, or 2.3 percent, to
388.25p while Rio Tinto stock declined as much 19 pence to 1328p.
--Stuart Wallace in the London newsroom (44-20 7673-2388), or
swallace6@bloomberg.net. Editor: Foroohar |
