UNITED KINGDOM October 07 2014 1:45 PMTweet
LONDON (Scrap Register): Base metals are higher, continuing to get a lift from Friday’s stronger-than-forecast US jobs report, said Commerzbank.
According to Commerzbank, Nickel gained over 3% on Friday while aluminum up by 1%. The upward movement is continuing as the new week of trading gets underway, albeit at a slower pace.
In other words, metal prices are also defying the firm US dollar. Evidently, the good data is causing the majority of market players to feel optimistic about demand picking up for metals in the US, the world’s second-largest consumer of metals after China.
Copper has managed to detach itself somewhat from its five-month low and is trading at just shy of $6,700 per ton again this morning.
As of 8:27 a.m. EDT, base-metals bellwether copper was up $35 to $6,677 a metric ton on the London Metal Exchange, while aluminum was up $7.50 to $1,921.50. Nickel, zinc, lead and tin were also higher.