International Nonferrous Metals Surge Again

International market of nonferrous metals surges again. Speculators again enter to nonferrous metal market when the excess money lifted the crude oil price to US$ 100 per barrel level. Gold future price renewed the record for the first time in 28 years at New York Mercantile Exchange (NYMEX) on Tuesday. Copper cash price also recovered US$ 7,000 per tonne at London Metal Exchange. NYMEX gold future price hit US$ 880.30 per troy ounce on Tuesday, which was US$ 18.30 higher than previous day, when speculative money shifts from stock market to commodity. LME copper settlement price increased by US$ 190.50 to US$ 7,106 per tonne, which was highest level in 2 months, despite of higher inventory balance. LME copper inventory reached 200,000 tonnes for the first time in 10 months under slower demand in US housing. However, the inventory level of around 240,000 tonnes including stock held by NYMEX and Shanghai Futures Exchange represents only 5 days of world consumption. The tight supply balance also supports the higher market price.