Dare I say that markets have been relatively steady in the past week. After having checked my figures no less than 3 times this morning, I confirmed that there was only AUD 0.33c / tonne difference between the last 5 day copper average and the previous 5 day average. Aluminium average was down slightly, mainly on the back of a slightly higher exchange rate which is currently trading around 1.017.
Please find the following article for your perusal;
LME Metals Close Mostly Lower As Europe Hopes Fade By Rhiannon Hoyle Of DOW JONES NEWSWIRES
Base metals closed mostly lower on the London Metal Exchange Monday after the euro sunk and equity markets fell into the red amid fading hopes of a definitive solution to the euro zone’s sovereign debt crisis. Disappointing U.S. manufacturing data also damped demand for the industry-linked metals during afternoon trade in Europe, a trader said. LME three-month copper ended the session at $7,494.50 a metric ton, down 0.7% on Friday’s PM kerb close. The red metal had earlier traded as high as $7,660/ton, however the market’s early morning rally was cut short after a spokesman for German Chancellor Angela Merkel said she considered the dream of resolving all problems at the euro-zone summit impossible. As this pulled the euro from a one-month high against the dollar, the base metals also moved lower. The LME metals are priced in dollars, and therefore tend to have an inverse correlation to the greenback.