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Metals rally following weakening dollar

Date: Wed, 27 Jul 2011 | Author: Paul Sanderson

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All metals were up in price on the LME as the US budget crisis caused the dollar to weaken.

With fears over the US president Barack Obama unable to agree with the Republican party on lifting the US debt ceiling, investors started to take flight into commodities as the dollar weakened.

As a strike entered into its fifth day at Chile’s Escondida copper mine, causing fears this would impact on supply of virgin copper, the three month metal rallied to $9,800 (£5,977) at close yesterday after settling at $9,642 (£5,917) on Monday.

Aluminium was up to $2,638 (£1,609) on Tuesday from $2,603 (£1,597) on Monday.

Lead increased to $2,725 (£1,661) from $2,681 (£1,645) a day earlier. Nickel closed at $24,195 (£14,755) up from $23,800 (£14,605) on Monday.

Tin finished at $28,490 (£17,375) up from $28,100 (£17,243) on Monday, while zinc traded at $2,520 (£1,536) compared to $2,456 (£1,507) a day earlier.

Even steel picked up to $600 (£366) after trading at a static $585 (£359) for a number of days.

 

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