Copper heads for 7 march 2011 global recovery cues

Copper heads for 7 march 2011 global recovery cues : Taking cues from the global economic recovery, that contested strongly with the Middle East crisis and North African unrest as well as surging oil prices, copper is headed for its first weekly gain.

Three month copper contract in LME was traded little changed at $9,910.75 a metric ton when the Singapore time was nearing 3.21 pm down from a loss of 08%. The metal has climbed 1.5% for the current week, first instance in four weeks, after US services and manufacturing picked up, reported Bloomberg.

The second biggest user of copper in the world, US, has seen its service industries expanding in February to touch the highest levels since August, 2005 and jobless-benefit claims dropping.

LME lead climbed 0.5 % to touch $2,629.75 a ton while nickel jumped 0.4 % to $28,975 a ton. Tin surged 0.3 percent to $31,755 a ton while Aluminium and Zinc was little changed at $2,615 a ton and $2,511.25 a ton respectively.
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