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Metal Prices Fluctuate at Low Level on Weak Shanghai Composite Index
Dec 6,2011 10:34CST
data analysis
Source:SMM
Although LME base metal prices overnight were mixed, Shanghai base metal prices fell given weakening stocks, with trading volumes shrinking apparently compared to last week.

SHANGHAI, Dec. 6 (SMM) -- Although LME base metal prices overnight were mixed, Shanghai base metal prices fell given weakening stocks, with trading volumes shrinking apparently compared to last week. 

As for external factors, France and Germany reiterated their support for a new EU treaty, including stricter fiscal rules for the euro zone, which helped support financial markets. As, such, the Down Jones Industrial Average gained 78.41 points or 0.65% when closing at 12,097.83, the NASDAQ Composite climbed 28.83 points or 1.10% to 2,655.76 points and the Standard & Poor's added 12.80 points or 1.03% to finally close at 1,257.08 points. In Europe, the STOXX Europe 600 rose 0.8% to 242.75 points. Gains were limited in global markets as Standard & Poor's had put euro zone countries on downgrade observation. The overall situation is far from optimistic, but relevant parties have been working on improvement.

While oversea financial markets stopped falling and began to stabilize, the Shenzhen Component Index dipped to a record low for the year, and the Shanghai Composite Index slumped close to the lowest of 2,307 for the year. Given domestic weak markets, Shanghai base metal prices should remain fluctuating at low levels in the short term.
 

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