Home

Metal News

Scraps & Secondary

BASE METALS: Metals End Higher on Soft Dollar, Buying Interest

2023 INDONESIA NICKEL AND COBALT INDUSTRY CHAIN CONFERENCE

Shanghai May Raise Subsidies for Green Energy Vehicles

LONDON, Aug 16, 2010 (Dow Jones Commodities News via Comtex) -- 
&nbsp;
Base metals on the London Metal Exchange were lifted by a weaker U.S. Dollar to close higher Monday, with the recent dip in prices helping to attract buying interest. 
&nbsp;
At 1600 GMT, the euro was trading 0.6% higher against the dollar at $1.2835 - with a softer dollar making metals priced in the U.S. unit cheaper for holders of other currencies. Analysts on Monday were also reporting an increase in speculative interest and investor demand, as the metals continued to trade considerably lower than their early-August highs. 
&nbsp;
The markets took a &quot;pick and mix&quot; attitude to data, said David Wilson, a metals analyst in London, with investors shrugging off poor Japanese gross domestic product data yet reacting positively to modest improvements in the Federal Reserve Bank of New York's Empire State Manufacturing Survey. 
&nbsp;
&quot;It is funny what the markets are starting to follow, or not to follow,&quot; Wilson said. &quot;Japan is a major metals consumer and producer, but the weak GDP figures were pretty much ignored. 
&nbsp;
&quot;Then the initial reaction of the Empire State survey was really positive. If you dissect it, though, new orders are looking terrible.&quot; 
The Empire State's business conditions index edged up to 7.10 in August from 5.08 in July. Covering orders and shipments, however, deteriorated. The orders index fell to -2.71 from 10.13, while the shipments index plunged to -11.50 from 6.31 in July. 
&nbsp;
Immediately following the announcement, LME three-month copper climbed to an intraday high of $7,288 a metric ton. The rest of the complex experienced similar increases, but the metals slowly gave up their initial gains as the data was digested. 
&nbsp;
Copper, like the other metals, nevertheless closed higher compared with Friday's PM kerb, up 1.3% at $7,249.50/ton. 
&nbsp;
With few major economic releases scheduled in the week ahead, analysts expect the markets to continue tracking currencies, as well as technical signals and equities. 
&nbsp;
Prices in dollar a metric ton. 
&nbsp;
3 Months Metal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bid-Ask&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change from 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friday PM kerb 
Copper&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7249.5-7250.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up&nbsp; 93.5 
Lead&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094.0-2095.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up&nbsp; 37 
Zinc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072.0-2073.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up&nbsp; 26 
Aluminum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2118.0-2118.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up&nbsp;&nbsp; 8 
Nickel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21520.0-21550.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up 250 
Tin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21095.0-21100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up 295 
Aluminum Alloy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130.0-2140.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up&nbsp; 20 
Aluminum Alloy-NASAAC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090.0-2100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unchanged
&nbsp;
&nbsp;

India Should Reject Vedanta's Orissa Mine, Panel Says (Update1) 

BASE METALS: Metals End Higher on Soft Dollar, Buying Interest_SMM | Shanghai Non ferrous Metals

Brent Oil Prices To Exceed $80/Bbl By The End Of 2023, Current Oil Prices Reflect Market's Assessment Of Global Macroeconomic Situation

The Price Difference Between Rebar And Steel Scrap Shrank In April

SMM Events & Webinars

2023 INDONESIA NICKEL AND COBALT INDUSTRY CHAIN CONFERENCE