BASE METALS: LME Metals Mixed As China, Dollar Weigh
26 Gennaio 2010 - 7:20PM
Dow Jones News
Base metals on the London Metal Exchange traded mixed Tuesday as
concerns about the future of China's monetary policy and a strong
U.S. dollar weighed.
Losses were partially offset late in Europe's trading day by
U.S. consumer confidence, which rose for the third consecutive
month in January, traders said.
However, they cautioned that the base metals are still
vulnerable to more selling if the dollar rebounds further, China
shows other signs of tightening its monetary policy, or debt
problems spread in Europe.
"Base metals are being whipped about in the wake of financial
markets and, as we head into the Chinese New Year, we expect this
to intensify," said Standard Bank analyst Walter de Wet.
LME base metals may not be able to sustain a rally due to rising
risk aversion, he said.
Indeed, Barclays Capital said commodity investment in the first
part of 2010 is mixed.
"The major commodity benchmark indices are in negative territory
so far in 2010 and are underperforming other asset classes
significantly," it said.
Investor interest played a large role is driving prices up last
year. Commodity assets under management stood at $256 billion at
the end of 2009, a record $92 billion rise on the year, Barclays
said.
Prices in dollar a metric ton.
3 Months Metal Bid-Ask Change from
Monday PM kerb
Copper 7380.0-7381.0 Dn 85
Lead 2200.0-2201.0 Dn 15
Zinc 2318.0-2318.5 Up 3
Aluminum 2220.0-2221.0 Dn 22
Nickel 18200.0-18225.0 Up 50
Tin 17950.0-17975.0 Up 50
Aluminum Alloy 1990.0-2000.0 Dn 5
Aluminum Alloy 2090.0-2110.0 Dn 31
(NASAAC)
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483;
devon.maylie@dowjones.com
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