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Copper, aluminium and nickel all up as confidence grows over Greece

Date: Tue, 28 Jun 2011 | Author: Paul Sanderson

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Improving sentiment towards Greece pushed the euro up against the dollar this morning, and this benefitted metals on the LME.

Three-month copper on the LME was trading at $9,020 per tonne up 0.6 per cent, while nickel increased by 0.7 per cent to $22,350 per tonne. Aluminium was up 0.4 per cent to $2,520.25 per tonne and zinc increased to $2,262.75 a tonne – up 0.4 per cent.

However, lead saw a fall of 0.3 per cent to $2,560 per tonne and tin was down 0.3 per cent to $25,000.

There is growing confidence that the Greek Parliament will accept its bail-out package this week in order to begin to solve its debt crisis.

But Hongyuan Futures Co analyst Yang Jun said: “We’re not going to see a strong rebound as long as this Greece issue hang over investors’ heads. The macroeconomic environment will continue to drive direction.”

By the close of the market in New York yesterday, the euro had gained 0.7 per cent on the day to $1.4287. 

Category: Recycling
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