Copper Heads for Biggest Weekly Gain in Six Weeks in London: LME Preview-Shanghai Metals Market

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Copper Heads for Biggest Weekly Gain in Six Weeks in London: LME Preview

Industry News 04:16:14PM Mar 18, 2011 Source:SMM

Mar.18 (Bloomberg) --Copper headed for its biggest weekly gain in six weeks after the Group of Seven agreed to intervene in the foreign-exchange market, easing concerns the economic recovery will be protracted.

-- Copper rose $28 to $9,593 a metric ton at 7:32 a.m. on the London Metal Exchange. Relative Strength Index 51.7.
-- Aluminum gained 0.7 percent to $2,541 a ton. RSI 50.3.
-- Zinc climbed 0.5 percent to $2,345 a ton. RSI 45.0.
-- Lead added 1.1 percent to $2,680 a ton. RSI 61.1.
-- Nickel advanced 1.4 percent to $26,300 a ton. RSI 44.6.
-- Tin increased 0.9 percent to $29,650 a ton. RSI 44.3.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   76.139          +0.1       -3.7
Crude oil           $102.98         +1.5       +13
Gold                $1,413.63       +0.7       -0.5
MSCI World Index    1,280.32        +0.05      +0.02

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
Euro-region trade balance           -2.5B        -2.3B     10:00

 


 

Copper Heads for Biggest Weekly Gain in Six Weeks in London: LME Preview

Industry News 04:16:14PM Mar 18, 2011 Source:SMM

Mar.18 (Bloomberg) --Copper headed for its biggest weekly gain in six weeks after the Group of Seven agreed to intervene in the foreign-exchange market, easing concerns the economic recovery will be protracted.

-- Copper rose $28 to $9,593 a metric ton at 7:32 a.m. on the London Metal Exchange. Relative Strength Index 51.7.
-- Aluminum gained 0.7 percent to $2,541 a ton. RSI 50.3.
-- Zinc climbed 0.5 percent to $2,345 a ton. RSI 45.0.
-- Lead added 1.1 percent to $2,680 a ton. RSI 61.1.
-- Nickel advanced 1.4 percent to $26,300 a ton. RSI 44.6.
-- Tin increased 0.9 percent to $29,650 a ton. RSI 44.3.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   76.139          +0.1       -3.7
Crude oil           $102.98         +1.5       +13
Gold                $1,413.63       +0.7       -0.5
MSCI World Index    1,280.32        +0.05      +0.02

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
Euro-region trade balance           -2.5B        -2.3B     10:00