Three Metal Exchange Base Metal prices were initially unchanged to poorer on the afternoon of Monday Sept 24, with prices down from an average of 0.5 percent. Trading had been quiet with Chinese and Japanese markets closed for vacations, but prices firmed after European trading picked up. Nickel led the decline with a 1.4 percent drop, followed by lead and zinc – that were on each side of 0.5 percent. The remainder of were little changed, with copper at $6, 355 each tonne. Volume throughout the complex was low with 3, 639 a lot traded as at 07.37 a.m. London time. This follows a strong performance last Friday that was mostly driven by short covering.
Nickel and copper led the rebounds with gains of 4.9 percent and 3.6 percent respectively. The precious metals were weaker across the board with prices down between 0.3% and 0.6%, with spot gold prices in $1, 195.50 per oz. A return of the dollar has weakened sentiment. In broader markets, place Brent oil prices are back over $80 per barrel and were lately quoted at $80.35, driven higher after Saudi Arabia and Russia seem in no rush to boost output. The yield on US 10 year treasuries has eased and was recently offered at 3.0677%. The German 10 year bond yield has also eased and was lately quoted at 0.4530%. Most Asian equity markets are closed on Monday, but the Hang Sung is off by 1.78% along with the ASX 200 is down by 0.12 percent .This follows a strong performance in western markets last Friday, in the US, the Dow Jones closed up by 0.32 percent at 26, 743.50, with the index earlier in the day placing a brand new record high at 26, 769.16, while in Europe the Euro Stock 50 was up by 0.81 percent at 3, 430.81. The dollar index is rebounding from the weakness seen towards the end of a week ago – it was recently offered at 94.32 following a low of 93.81 last Friday. On the chart, the indicator has triggered a bearish Head and Shoulder Pattern, the rebound is now testing that breakdown level.
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