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Metal markets up over euro optimism

Date: Tue, 29 Nov 2011 | Author: Paul Sanderson

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There was an improvement in prices on the LME after Germany and France appeared to be working towards a European fiscal union.

However, this optimism may fade as quickly as it came, after Moody’s announced it was considering downgrading banks in 15 European nations. Plus, it appears that the European Financial Stability Facility is not attracting the investment support from China and Middle Eastern nations that it hoped to get.

Three-month copper was up to $7,400 (£4,756) on Monday compared to $7,225 (£4,671) on Friday.

Aluminium was up a touch to $2,018 (£1,297) yesterday from $2,001 (£1,294) on Friday. Alloy increased to $1,900 (£1,220) on Monday from $1,880 (£1,215) on Friday.

Lead increased to $2,025 (£1,302) yesterday from $1,995 (£1,290) at the end of last week. Nickel was up to $17,315 (£11,129) from $17,050 (£11,023) on Friday.

Tin moved up to $20,550 (£13,209) from $20,105 (£12,998) at the end of last week. Zinc increased to $1,928 (£1,239) on Monday from Friday’s $1,882 (£1,217).

Steel was unchanged at $520 but fell £2 to £334. 

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