Sunday, 7 November 2010

LME LATEST - Metals pare gains in PM sessions, but sentiment boost seen from US jobs data

Fri, Nov 5 2010, 16:37 GMT
http://www.fastmarkets.com

- Base metals turned back from session highs during the PM sessions, with prices mixed but generally ending the week on a robust note. The bullish sentiment that has developed this week was underscored by today's US October non-farm payrolls report. This - the last of this week's key macro-events - came in much better than expected, with US employers adding 151,000 jobs last month compared with a forecast increase of some 60,000.

 - To some extent the complex was restrained by the firm dollar, which was ushered higher by the employment figures and was a firmer 1.4040 against the euro this afternoon. Some profit-taking in the metals after three days of hefty advances was also evident.

 - Copper was the exception, trading at $8,685 per tonne, still up $85 from Thursday, with volume around 14,500 lots. Earlier in Asia the market hit $8,769.50, its highest since July 2008, against a background of a large position being closed out. Prices are nevertheless getting ever nearer to the all-time high of $8,940 set that same month. Falling inventories - stocks are just 275 tonnes above their lowest for 12 months - and the start of a strike at the Collahuasi mine in Chile today mean that the impetus is upwards.

 - Aluminium business at $2,446 was $14 lower, with the market faltering after initially touching levels near the six-month high of $2,492 set yesterday. Resistance is anticipated around there - prices will be at levels last seen in September 2008.

(Editing by Mark Shaw)

US Pending Home Sales (MoM) declines 1.8% in September 

Fri, Nov 5 2010, 16:30 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) For more information, read our latest forex news.

 

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