MF Global Daily Report: Base Metals (Aug. 29, 2011)

Sept. 29 (MF Global) -- This market comment was written at 6:50 a.m. on September 28th, US east coast time...

Relief rallies continued across a number of markets yesterday, as anticipation built with respect to what the Europeans will potentially announce with respect to additional measures they could consider taking. Copper rose by a stunning 6% basis the three months to close at $7,594, but the magnitude of the recent decline has been so steep, that the rally appears as only a respectable blip on the charts. Both crude contracts were up sharply, with WTI tacking on more than $4 a barrel on the session, while Brent was up by $3. In addition, there were good gains in the US stock market, al beit some of the advance was partially given back late in the day. Gold held onto a good gain, as did the Euro, which traded to a high of just under $1.36.