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Aluminum Borrowing Fee at 22-Month High Adds to Signs of Metal Scarcity

LONDON, Aug 17, 2010 (Dow Jones Commodities News via Comtex) --
Base metals on the London Metal Exchange extended their gains Tuesday, closing higher for a second session after reports out of the U.S. showed a bigger-than-expected rise in housing starts and a rebound in industrial production.
U.S. industrial production recovered in July after a slight dip the previous month, climbing 1.0% compared to economists' expectations of a 0.7% rise, while U.S. housing starts increased by 1.7% compared with expectations of an 0.2% rise.
The copper market in particular closely monitors the figures, as the metal is widely used in manufacturing and construction.
The complex also continued to find support from a stronger euro, climbing U.S. stock futures and general inventory drawdowns.
Copper closed up 1.8%, at $7,382 a metric ton, buoyed in particular by a continued fall in its LME-listed stocks, market participants said.
&quot;A better tone in Asia and European equity markets has also been helpful, leading to a higher opening call for the U.S. equity markets,&quot; said MF Global analyst Edward Meir.
Analysts are uncertain, however, over whether the rally can be sustained giving ongoing macroeconomic concerns.
&quot;We would be reluctant to chase the current advance, as we think the markets have the headwind of slowing economic growth to contend with for a little while longer,&quot; Meir said.
Copper is expected to face strong resistance at $7,500/ton, with support at $7,050/ton.
Prices in dollar a metric ton.
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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; Bid-Ask&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; Change from
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<pre>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monday PM kerb</pre>
<pre>Copper&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382.0-7383.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up 132.5</pre>
<pre>Lead&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130.0-2130.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up 36</pre>
<pre>Zinc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123.0-2125.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up 51</pre>
<pre>Aluminum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2140.0-2141.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up 22</pre>
<pre>Nickel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21950.0-21955.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up 430</pre>
<pre>Tin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21300.0-21350.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up 205</pre>
<pre>Aluminum Alloy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145.0-2150.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up 15</pre>
<pre>Aluminum Alloy-NASAAC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120.0-2125.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up 30</pre>
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SMM Morning Review - 2010/8/18 Lead Market 

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BASE METALS: LME Metals Close Higher on US Data, Equities | SMM

BASE METALS: LME Metals Close Higher on US Data, Equities

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