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BASE METALS:LME Metals Close Higher On Equities, Data
Sep 1,2011 09:46CST
industry news
Source:SMM
Base metals closed higher on the London Metal Exchange after a relatively quiet and cautious day of trading, with investors eyeing key manufacturing and labor data in the sessions ahead.

Aug 31, 2011 LONDON (Dow Jones)--Base metals closed higher on the London Metal Exchange after a relatively quiet and cautious day of trading, with investors eyeing key manufacturing and labor data in the sessions ahead.

LME three-month copper ended the session up 1.2% at $9,274 a metric ton. LME three-month aluminum closed 1.9% higher at $2,469/ton.

The markets rose as equity markets rallied, recovering some of their sharp losses recorded earlier this month.

Sucden Financial said sentiment was boosted by better-than-expected U.S. factory orders data, which was largely driven by solid demand from the auto and aircraft sectors.

"Copper prices have continued to rise on the perception that the recent decline in equities and risk appetite has been overdone and that demand will soon pick up," said CMC Markets analyst Michael Hewson.

Market participants say investors are now keenly awaiting the release of China's August manufacturing data Thursday, followed by the closely-watched U.S. nonfarm payrolls figures Friday.

"A breakthrough $9,300/ton [for copper] on the back of a good manufacturing data, combined with the fact that the speculative market is largely neutral, could see copper extend its gains. However, we note that our view on base metals remain unchanged: fundamentally upside for metals remains capped," said Standard Bank analyst Walter de Wet.

Prices in dollar a metric ton.
3 Months Metal                Bid-Ask       Change from
                                          Tuesday PM kerb
Copper                     9274.0-9275.0     Up 114
Lead                       2578.0-2580.0     Up 20
Zinc                       2291.5-2292.0     Up 7
Aluminum                   2469.0-2470.0     Up 45
Nickel                    22200.0-22225.0    Up 295
Tin                       24400.0-24450.0    Up 395
Aluminum Alloy             2358.0-2359.0     Up 29
Aluminum Alloy-NASAAC      2460.0-2480.0     Up 25

 

base metals;copper

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