On behalf of all the staff at Total Metal Recyclers and the Russell family, we would like to wish you a very Happy Christmas and a safe, happy New Year.
With only 2 days now until Christmas, demand from manufacturers for raw material has all but stopped for the year. As was expected, internationally and in trading houses across the world, we find most customers reluctant to offer prices now, preferring to enjoy the Christmas period and start the New Year with fresh pricing and an up to date LME.
We will be closing today at 12 noon and returning on the 3rd of January, if you have any enquiries please call David.
In market news, the Australian dollar has continued to sit around parity for the past week now. Notably on LME markets, Aluminium continues to slide. Please find the following articles for your perusal;
**** Aluminum May Be Nearing Oversold Territory ****
1417 GMT [Dow Jones] LME three-month aluminum may be approaching “oversold territory,” based on the metal’s short-term indicators, says Sucden Financial. The metal is lagging the base metal complex, down 1.8% at $1,968/ton, compared with a 0.4% decline in flagship copper. Further declines will likely find support at the $1,861/ton retracement level, and a test of this may shed light on the strength of the overall range, notes Sucden.
**** Weak European Data Hurt Copper Prices ****
By Tatyana Shumsky Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–Copper prices sagged Monday amid weak economic data from Europe as well as downbeat comments by the European Central Bank.
The European Central Bank said there has been a substantial increase in risks to the stability of the euro-zone’s financial system in the second half of this year to their worst level since the collapse of Lehman Brothers Inc. in 2008. The spread of sovereign debt problems across borders and through the banking system, as well as the region’s clumsy approach to resolving these issues, has added to these concerns.
Thank you for your continued support in 2011, we look forward to seeing you in our yards in the New Year.