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Metals rally on LME as value brings in buyers

Date: Tue, 27 Sep 2011 | Author: Paul Sanderson

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Some metals that had been the biggest price fallers recently were up on the LME yesterday after the slides seen last week and in early trading yesterday.

It is believed that Chinese buyers and other investors re-entered the market seeking bargains at what they perceived to be the bottom of the market, which helped to push the price back up. Overnight, Asian equity markets were up over hopes that Europe was getting its act together to solve the Greek sovereign debt crisis, while the FTSE also increased this morning in early trading.

Copper broke back above the $7,000 level with an official price of $7,240 (£4,665) yesterday. Although this was down on Friday’s $7,260 (£4,713), it had still bounced up from the $6,864 (£4,443) seen in early trading yesterday.

Aluminium bounced back up to $2,220 (£1,430) from Friday’s $2,205 (£1,432). Alloy was down slightly to $2,190 (£1,411) from $2,210 (£1,435).

Lead was down to $1,974 (£1,272) on Monday from Friday’s $2,022 (£1,313). Nickel was up to $18,395 (£11,852) yesterday from $18,000 (£11,686) at the end of last week.

Tin broke above $20,000 to $20,555 (£13,243) from Friday’s $19,000 (£12,335). Zinc fell to $1,892 (£1,219) from $1,955 (£1,269) on Friday.

Steel was down to $540 (£348) on Monday from $555 (£360) at the end of last week.  

 

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