On the LME markets it’s been a steady week other than Copper which is down 3.5%.
The AUD/USD is currently at 76.52 up from last week’s 75.28.
* * * WEEK IN REVIEW: All about the base – London, 5 August (Argus) * * *
LME base metals staged a recovery today, after a week of turmoil on currency markets.
In nickel and zinc, LME prices are buoyed by supply constraints more than by demand. Nickel was propelled higher this week after news of mine closures in the Philippines, which has supplanted Indonesia as a source of cheap ore for the Chinese market.
But while metals producers reporting quarterly and half-year results this week were starting to eye a recovery in prices in the second half of the year, investment demand in base metals is still patchy. Instead, volatile exchange rates and lower interest rates have sent investors towards the safer haven of precious metals — mainly gold.