Sucden Financial issued the base metal daily on October 26th, saying that the base metals were higher during the overnight session in Asia and investors expected the European debt crisis summit to draw good news. The market has also been supported by a weaker dollar and a slightly stronger stock market. Copper rose to US$7,785/ton, but copper prices fell slightly at the end of the overnight period.
Other metals also rose, but were challenged at the top of the resistance, with lead resistance at $1,900/ton, zinc at $2,200/ton, and aluminum at $2,250/ton. Early in the London market, the base metal prices remained stable, but trading was mostly more conventional due to traders waiting for the outcome of the EU summit.
In the end, on the afternoon of the 26th, the German parliament approved an EFSF expansion plan - which was a buying signal to the market - and copper rose sharply to over 7,800 U.S. dollars per ton to 7,920 U.S. dollars per ton. The euro rose to 1.3975 against the US dollar. However, as the market digested the news, the base metal prices fell, and the euro once again slightly lower.
The London market closed at 5:00 pm. As the U.S. dollar strengthened, except for copper, all other LME base metals closed near their intraday lows. Lead time reported at 1,924 U.S. dollars per ton and zinc futures at 1,855 U.S. dollars per ton. It was reported at US$21,375/ton, with copper reporting at US$7,680/ton, and aluminum reported at US$2,215/ton.
In terms of economic data, U.S. home sales rose in September, but house prices are still under pressure. In the United States, durable goods orders fell overall in September, dropping 0.8%, while consumer confidence remained poor.
The precious metals rose again on the 26th. As the “heaven-heaven†rebound continues, gold futures have risen to $1,720/oz, given the persistence of economic uncertainties in Europe. Silver futures also moved higher, investing $34 per ounce. Crude oil futures gave up some of the gains in the week of the 26th and fell back to below US$92/barrel. The support is expected to be at US$90/barrel.
Other metals also rose, but were challenged at the top of the resistance, with lead resistance at $1,900/ton, zinc at $2,200/ton, and aluminum at $2,250/ton. Early in the London market, the base metal prices remained stable, but trading was mostly more conventional due to traders waiting for the outcome of the EU summit.
In the end, on the afternoon of the 26th, the German parliament approved an EFSF expansion plan - which was a buying signal to the market - and copper rose sharply to over 7,800 U.S. dollars per ton to 7,920 U.S. dollars per ton. The euro rose to 1.3975 against the US dollar. However, as the market digested the news, the base metal prices fell, and the euro once again slightly lower.
The London market closed at 5:00 pm. As the U.S. dollar strengthened, except for copper, all other LME base metals closed near their intraday lows. Lead time reported at 1,924 U.S. dollars per ton and zinc futures at 1,855 U.S. dollars per ton. It was reported at US$21,375/ton, with copper reporting at US$7,680/ton, and aluminum reported at US$2,215/ton.
In terms of economic data, U.S. home sales rose in September, but house prices are still under pressure. In the United States, durable goods orders fell overall in September, dropping 0.8%, while consumer confidence remained poor.
The precious metals rose again on the 26th. As the “heaven-heaven†rebound continues, gold futures have risen to $1,720/oz, given the persistence of economic uncertainties in Europe. Silver futures also moved higher, investing $34 per ounce. Crude oil futures gave up some of the gains in the week of the 26th and fell back to below US$92/barrel. The support is expected to be at US$90/barrel.
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