Developing Strength In Metals After Thursday’s weakness

WWW.POWERCOMMODITY.COM
Call/whtsapp Yashika diwan @9719007626

METALS SOME STRENGTH IS DEVELOPING IN THE METALS AFTER THURSDAY’S WEAKNESS.

Three Month Base metal prices on the London Metal Exchange were up across the board with profits averaging 0.4percent on the afternoon of Friday September 28. However this follows an overall down day on Thursday, when the complex closed down by an average of 1%. This morning’s profits are ranged from a little changed for tin and aluminium to up by 0.7% for nickel, with aluminum up by 0.4percent at $6, 205 each tonne. Volume was average with 5, 686 lots traded as at 07: 13am London time. In the precious metals, spot gold prices were off by 0.1percent at $1, 182.95 per ounce, whilst the more industrial precious metals were up between 0.2percent for silver and silver prices and 0.4percent for palladium rates.

Thursday’s action was polarized with silvergold and platinum down by an average of 1.1%, while palladium bucked the trend by increasing 1.5%. In China, the prices of the base metal have been inoculated together with the Nov zinc, Nov lead and jan tin contracts upward by an average of 0.9%, whereas the Nov contracts for copper, nickel and aluminium were down by 0.4 percent, 0.9% and 1% respectively. The November aluminum contract was at 50, 170 yuan per tonne. Copper spot prices in Changjiang were down by 0.5percent at 50, 140-50, 380 yuan per tonne and the LME/Shanghai aluminum arbitrage ratio is firmer at 8.09, after 8.07 on Thursday.

Copper spot prices in Changjiang were down by 0.5percent at 50, 140-50, 380 yuan per tonne and the LME/Shanghai aluminum arbitrage ratio is firmer at 8.09, after 8.07 on Thursday. In other alloys in China, the January iron ore contract on the Dalian Commodity Exchange was down by 1% at 494.50 yuan per tonne. On the SHFE, the January steel rebar contract was down by 2.6%, whilst the December gold and silver contracts were down by 0.8% and 0.7percent respectively. In wider markets, place Brent crude oil prices were greater by 0.24percent and were recently bought at $81.48 per barrel. The yield on US 10 year treasuries has firmed to 3.0450%, having been as large as 3.1percent on Wednesday. The German 10 year bund yield has weakened and has been recently bought at 0.4800%. The strength in the latter indicates safe haven buying in Europe after italy authorities agreed a greater spending budget, that Will place on the collision course with Europe.

Be the first to comment

Leave a Reply

Your email address will not be published.


*