With a Bank Holiday in London today, we look to indicators in Asian markets for a glimpse of what we may expect markets to do in the week ahead. With no major factors affecting markets at the moment, markets seem to remain free of major fluctuations at this point.

It’s worth noting that the Sell & Parker Aluminium Scrap Base price as published in the print media daily will note AUD2203 for the 30th August 2011. This is the lowest level that we have seen Aluminium since 24th June, 2010 when the Base Price was at AUD2181. The Sell & Parker Scrap Base Price is calculated using the latest LME and converted into Australian Dollars using the latest published exchange rate.

Please see the following article for your perusal;

NY Copper Eyes US Data, China Tightening Moves By Tatyana Shumsky and Matt Day Of DOW JONES NEWSWIRES

Copper prices eased in quiet trading Monday as tightening measures in China were tempered by better-than-expected spending data in the U.S. The London Metal Exchange, the European hub for copper trading, was closed in observance of a bank holiday, adding to low volumes. Copper losses were tempered by data showing U.S. consumer spending rose 0.8% in July, the biggest gain in five months. Consumer spending plays a large role in economic growth, and the surprise improvement follows an upwardly revised 0.1% increase in June. ”Copper is a great economic indicator … [because] it’s a widely used industrial metal,” said Frank Cholly, senior market strategist with MF Global. Copper is used across a broad array of everyday goods from laptops and cell phones to cars and household plumbing, and demand for such goods increases when spending strengthens.

In the latest move to slow inflation and cool its booming economy, China will require banks to hold more types of deposits in reserve beginning Sept. 5. Chinese authorities have aggressively reined in credit availability over the past year by increasing the amount of reserves banks must set aside to back loans as well as through higher interest rates.

Copper traders have feared these policies will also damp China’s demand for the red metal, and many believe the moves snapped copper’s record breaking streak earlier this year. China accounted for about 40% of the world’s refined copper consumption last year. “The potential for more Chinese participation is there,” said Frank Lesh, a broker and analyst with FuturePath Trading. “Although they’re not buying big time, at least they’re buying something.”

Trading desks in London, a key hub for metals trading, were closed Monday for a U.K. bank holiday. U.S. trading activity was also curbed by thinner-than-normal staffing as some employees couldn’t make it to work after Hurricane Irene hit New York and other East Coast cities during the weekend, disrupting major transit arteries.

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