Monday, January 10, 2011

Copper prices ended lower across the board in Europe and America did not boost confidence in the economic data

 LME base metals ended lower on Friday as a whole, failed to overcome a stronger dollar and the mixed impact of U.S. jobs data.

LME three-month copper closed the day $ 9,425 per ton, on Thursday to close at $ 9,470 per tonne.

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the same day, COMEX Most-active March copper contract ended decreased by 1.1% or 4.7 cents to $ 4.2825 per pound, just fell to a 20-day moving average; The contract fell 3.7% in the week.

U.S. payrolls data for December mixed, the data showed the unemployment rate has declined, but less than the expected number of jobs, the data failed to boost investor confidence.

stronger dollar also weighed on dollar-denominated copper demand, copper prices because of foreign buyers, so higher.

Industry insiders estimate that the copper market this year and next will be a gap, which will be supported by copper, but analysts estimate the market gap difference between the larger, mainly due to strong market for the possibility of spot copper mixed views.

commodity index adjusts the weights of the year has officially begun, the S & P Goldman Sachs Commodity Index and the Dow Jones Commodity Index in UBS, the largest zinc prices are expected to fluctuate. Index weights adjustment will end Jan. 14.

as of the date, LME copper stocks was 379,500 tons, since mid-February last year fell by more than 30%; but since since December 9, inventories increased more than 8%.

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