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Copper up a touch as Berlusconi promises to resign and Chinese inflation drops

Date: Wed, 9 Nov 2011 | Author: Paul Sanderson

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Markets reacted positively to the news that Italian Prime Minister Silvio Berlusconi plans to resign following a vote of no confidence in his Government.

Additionally, inflation in China eased for the third month in a row to 5.5 per cent suggesting that its Government is unlikely to unleash any further economic tightening if this pattern continues.

On the economic horizon is a 23 November deadline for the US Congress to agree a deficit reduction deal. In March, the US Government was almost brought to a shutdown by arguments between Democrats and Republicans. While a deal has yet to be done, both sides have been keen to tone down the rhetoric ahead of this deadline in contrast to earlier in the year which led to the US being downgraded by Standard & Poor’s in August.

Three-month copper increased to $7,835 (£4,875) on Tuesday from $7,802 (£4,858) the day before.

Aluminium was down to $2,111 (£1,314) from $2,141 (£1,333) on Monday. Alloy dropped to $2,060 (£1,282) from Monday’s $2,090 (£1,301).

Lead increased to $2,018 (£1,256) yesterday from $1,997 (£1,243) on Monday. Nickel fell to $18,555 (£11,546) on Tuesday from $18,660 (£11,619) the day before.

Tin was up to $22,175 (£13,798) yesterday from Monday’s $21,900 (£13,636). Zinc was at $1,960 (£1,220) from $1,926 (£1,199).

Steel remained unchanged again at $525 (£327).               
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