Copper up on dollar and Alcoa spurs aluminium

Reuters reported that copper rose to a 2 week high as a weaker dollar attracted investors holding other currencies while aluminium was given extra impetus by results from Alcoa. As per report, copper for 3 months delivery MCU3 on the London Metal Exchange gained as much as 3% and traded at USD 6,267 per tonne in official rings from a close of USD 6,095 recently. Mr Nick Hatch analyst at ING said that the dollar's been the key in the short term. So far this year the dollar has shed 6% against a basket of major currencies, helping to underpin dollar priced commodities. Aluminium MAL3 was quoted at USD 1,898 from USD 1,845 after major aluminium producer Alcoa reported a surprise Q3 profit and suggested key markets were stabilizing. He said that "Alcoa's results today for the Q3 were positive. That's added fuel to today's fire." The producer of the metal used in transport and packaging said that it expected global consumption to rise by 11% in the H2 of 2009. (Sourced from Reuters)