Base metals continued their downward journey last week with copper hitting a 2 month low on Friday.
Surprisingly strong US economic growth figures were outweighed by a firmer dollar and lingering worries over potential monetary tightening in China.
The US economy grew at a faster than expected 5.7% in the fourth quarter, the quickest pace in more than six years but metals retraced gains amid lingering concern about China's move on January 12 to raise domestic banks' reserve requirement ratio, a possible precursor to rate hikes.
Investors further fear that if the US economy recovers strongly, the Federal Reserve might decide to raise interest rates sooner than initially expected, which would boost the dollar and might cap metal prices as a stronger dollar makes dollar priced metals more expensive for non US investors.
London Metal Exchange Rates
Cash Buyer
Product 21-Jan 28-Jan Change %
Zinc 2447 2155 -292 -12%
Nickel 18800 18125 -675 -4%
Tin 17890 17625 -265 -1%
Aluminium 2229 2126 -104 -5%
Copper 7346 7042 -305 -4%
Change is on December 31st as compared to December 24th 2009
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
21-Jan 25-Jan 26-Jan 27-Jan 28-Jan
2447 2323 2307 2254 2155
In USD per tonne
Date Rate Period Change
28-Jan 2155
21-Jan 2447 WoW -11.93%
28-Dec 2490 MoM -13.45%
28-Oct 2240 QoQ -3.79%
28-Jan'09 1121 YoY 92.24%
In USD per tonne
2. Nickel
London Metal Exchange Rates
Cash Buyer
21-Jan 25-Jan 26-Jan 27-Jan 28-Jan
18800 18370 18290 17930 18125
In USD per tonne
Date Rate Period Change
28-Jan 18125
21-Jan 18800 WoW -3.59%
28-Dec 18630 MoM -2.71%
28-Oct 18495 QoQ -2.00%
28-Jan'09 11650 YoY 55.58%
In USD per tonne
LME nickel stocks hit another record high of 164,808 tonnes.
3. Tin
London Metal Exchange Rates
Cash Buyer
21-Jan 25-Jan 26-Jan 27-Jan 28-Jan
17890 17700 17740 17920 17625
In USD per tonne
Date Rate Period Change
28-Jan 17625
21-Jan 17890 WoW -1.48%
28-Dec 16140 MoM 9.20%
28-Oct 15090 QoQ 16.80%
28-Jan'09 11450 YoY 53.93%
In USD per tonne
4. Aluminium
London Metal Exchange Rates
Cash Buyer
21-Jan 25-Jan 26-Jan 27-Jan 28-Jan
2229 2217 2189 2149 2126
In USD per tonne
Date Rate Period Change
28-Jan 2126
21-Jan 2229 WoW -4.64%
28-Dec 2200 MoM -3.39%
28-Oct 1928 QoQ 10.24%
28-Jan'09 1331 YoY 59.69%
In USD per tonne
LME stocks of aluminium remained near record levels above 4.6 million tonnes.
5. Copper
London Metal Exchange Rates
Cash Buyer
21-Jan 25-Jan 26-Jan 27-Jan 28-Jan
7346 7408 7305 7243 7042
In USD per tonne
Date Rate Period Change
28-Jan 7042
21-Jan 7346 WoW -4.15%
28-Dec 7069 MoM -0.39%
28-Oct 6470 QoQ 8.83%
28-Jan'09 3292 YoY 113.90%
In USD per tonne
LME copper stocks rose to 541,050 tonnes, a near one year high.
To know more details on steel and metal prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details. This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available.
(Sourced from www.steelprices-india.com)
Sunday, January 31, 2010
Monday Market Monitor - Metals (WEEK 04) - Gloom prevails
0 comments:
Post a Comment