Unprecedented levels of Chinese imports, new investor cash, improving economic data and a weaker dollar have combined to propel base metal prices.
London Metal Exchange Rates
Cash Buyer
| Product | 24-Dec | 31-Dec | Change | % |
| Zinc | 2490 | 2569 | 79 | 3% |
| Nickel | 18630 | 18475 | -155 | -1% |
| Tin | 16140 | 16700 | 560 | 3% |
| Aluminium | 2200 | 2206 | 6 | 0% |
| Copper | 7069 | 7345 | 276 | 4% |
Change is on December 31st as compared to December 24th 2009
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
| 24-Dec | 28-Dec | 29-Dec | 30-Dec | 31-Dec |
| 2490 | 2490 | 2505 | 2547 | 2569 |
In USD per tonne
| Date | Rate | Period | Change |
| 31-Dec | 2569 | | |
| 24-Dec | 2490 | WoW | 3.17% |
| 30-Nov | 2226 | MoM | 15.41% |
| 30-Sep | 1913 | QoQ | 34.33% |
| 31-Dec'08 | 1089 | YoY | 135.90% |
In USD per tonne
2. Nickel
London Metal Exchange Rates
Cash Buyer
| 24-Dec | 28-Dec | 29-Dec | 30-Dec | 31-Dec |
| 18630 | 18630 | 18925 | 18850 | 18475 |
In USD per tonne
| Date | Rate | Period | Change |
| 31-Dec | 18475 | | |
| 24-Dec | 18630 | WoW | -0.83% |
| 30-Nov | 16025 | MoM | 15.29% |
| 30-Sep | 17330 | QoQ | 6.61% |
| 31-Dec'08 | 9855 | YoY | 87.47% |
In USD per tonne
3. Tin
London Metal Exchange Rates
Cash Buyer
| 24-Dec | 28-Dec | 29-Dec | 30-Dec | 31-Dec |
| 16140 | 16140 | 16550 | 16740 | 16700 |
In USD per tonne
| Date | Rate | Period | Change |
| 31-Dec | 16700 | | |
| 24-Dec | 16140 | WoW | 3.47% |
| 30-Nov | 14790 | MoM | 12.91% |
| 30-Sep | 15100 | QoQ | 10.60% |
| 31-Dec'08 | 10065 | YoY | 65.92% |
In USD per tonne
4. Aluminium
Aluminium LME stockpiles climbed to 475 tonnes to remain near record levels above 4.6 million tonnes.
Analysts are expecting further improvements in primary aluminium consumption in 2010 as the residential construction and automotive markets in the US start to recover, albeit from a low base.
Cash Buyer
| 24-Dec | 28-Dec | 29-Dec | 30-Dec | 31-Dec |
| 2200 | 2200 | 2245 | 2236 | 2206 |
In USD per tonne
| Date | Rate | Period | Change |
| 31-Dec | 2206 | | |
| 24-Dec | 2200 | WoW | 0.27% |
| 30-Nov | 2006 | MoM | 9.97% |
| 30-Sep | 1850 | QoQ | 19.24% |
| 31-Dec'08 | 1445 | YoY | 52.66% |
In USD per tonne
5. Copper
The price of copper has reached a 16 month high with strike action looming at two copper mines in Chile. Copper on the London Metal Exchange traded above USD 7,300 a tonne on Wednesday, its highest level since September 2008.
There are also concerns that strike action at the two mines owned by Chile's Codelco, the world's largest copper producer, could affect supply. Strike action at the giant Chuquicamata and Mina Sur mines in Chile is due to begin on 4 January, though analysts are not expecting prolonged disruption. Workers are calling for pay increases, prompted by the rise in global copper prices.
London Metal Exchange Rates
Cash Buyer
| 24-Dec | 28-Dec | 29-Dec | 30-Dec | 31-Dec |
| 7069 | 7069 | 7221 | 7294 | 7345 |
In USD per tonne
| Date | Rate | Period | Change |
| 31-Dec | 7345 | | |
| 24-Dec | 7069 | WoW | 3.90% |
| 30-Nov | 6814 | MoM | 7.79% |
| 30-Sep | 6135 | QoQ | 19.72% |
| 31-Dec'08 | 2811 | YoY | 161.29% |
In USD per tonne
Still, copper prices are some way off their all time high of USD 8,940 notched in July 2008, before the global economic downturn caused markets to tumble.
And this year's rally has occurred amid a steady rise in stockpiles of the metal in LME warehouses. Inventories rose again at the close of Wednesday's session, climbing 6,375 tonnes to touch above 500,000 tonnes, their highest levels since April.
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