News

Newsletter

Newsletter

The above title comes from a Macquarie Bank report where they link the decline of commodity prices to the global stock market sell down. Other reports note that the fundamental data for commodities continues to remain solid & in the copper market, there is a deficit of 300,000 tonnes, yet no buyers on the LME. In Nickel the “story” also remains intact yet the market has fallen over 25% since 8 September. While other commentators refer to the slowdown in China, everyone agrees that downside risk remains for the LME commodities.

The AUD/USD appears to have settled around the 0.87 to 0.88 level having traded within this 2 cent band since 23 September.

**** DJ Copper Buoyed by Fundamentals ****

By Ese Erheriene

LONDON–Copper prices were up on the London Metal Exchange on Monday, despite further evidence of slower economic growth in China.  The LME’s three-month copper contract was up 0.1% at $6,696.25 a metric ton in morning European trade. ”A member of the People’s Bank of China monetary policy advisory committee has put expected growth of China’s economy in the current quarter at 7.2%, which is somewhat lower than in the previous quarter,” said Commerzbank in a research note. However, the underlying supply and demand fundamentals support the current price rise, said a Commerzbank analyst. Aluminum was down 0.1% at $1,966.00 a ton, zinc was down 0.6% at $2,244.50 a ton, nickel was down 1.5% at $14,785.00 a ton, lead was down 0.4% at $1,987.50 a ton, and tin was up 0.1% at $19,500.00 a ton.



News Categories

Recent News