LME Base Metals Finished Mixed, Copper Higher

Posted by: : Paul EbelingPosted on: February 18, 2015 LME Base Metals Finished Mixed, Copper Higher
 

LME Base Metals Finished Mixed, Copper Higher

Copper prices rallied on the London Metal Exchange (LME), rebounding from losses in the previous session, on reports that Greece will hammer out a new financing deal with its international creditors and avoid leaving the Eurozone.

The LME 3-month unofficial Copper contract was up 2.4% at 5,785.50/tonne at Wednesday’s PM kerb close in thin and choppy trading as the Chinese market was closed for the Lunar New Year holidays, which runs until 24 February.

News that Greece will submit a request for an extension of its rescue deal Thursday morning eased investors’ fears that the country might exit the Eurozone. That prospect has rattled financial markets in recent weeks.

The single currency union vies with the US as the 2nd biggest consumer of the Red metal.

China is the biggest consumer of the Red metal. Prices closely mirror the country’s demand situation and when China-based traders are away from their screens volumes can dip, demand falls and prices drop.

Bank of America Merrill Lynch said it sees the Copper price rising to 6,350/tonne in Q-2 of the year on balanced demand growth between China and the rest of the world.

Among other base metals

Aluminium was little changed at 1,819.00/tonne

Zinc closed 0.7% t lower at 2,088/tonne

Nickel closed + 0.1% at 14,255/tonne,

Lead rose 1.2% to 1,813/tonne, and

Tin closed up 0.1% at 18,075/tonne

Gold, Silver, And Industrial Metals Prices

Commodity Units Price Change % Change Contract Time(EST)
COMEX Gold USD/t oz. 1,213.70 +13.50 +1.12% Apr 15 19:45:49
TOCOM Gold JPY/g 4,635.00 +11.00 +0.24% Dec 15 20:10:45
Gold Spot USD/t oz. 1,216.00 +3.58 +0.30% N/A 20:10:36
Euro Spot EUR/t oz. 1,066.22 +2.30 +0.22% N/A 20:10:36
British Pound Spot GBP/t oz. 787.55 +1.97 +0.25% N/A 20:10:05
Japanese Yen Spot JPY/t oz. 144,339.88 +280.03 +0.19% N/A 20:11:05
Indian Rupee Spot INR/t oz. 74,678.50 -514.14 -0.68% N/A 13:15:27
Commodity Units Price Change % Change Contract Time(EST)
COMEX Silver USD/t oz. 16.60 +0.34 +2.06% Mar 15 19:44:52
TOCOM Silver JPY/g 63.60 +0.20 +0.32% Dec 15 19:44:03
US Dollar Spot USD/t oz. 16.64 +0.14 +0.84% N/A 20:10:38
Euro Spot EUR/t oz. 14.59 +0.11 +0.78% N/A 20:09:56
British Pound Spot GBP/t oz. 10.78 +0.09 +0.85% N/A 20:10:58
Japanese Yen Spot JPY/t oz. 1,974.75 +14.21 +0.72% N/A 20:10:53
Indian Rupee Spot INR/t oz. 1,015.00 -12.11 -1.18% N/A 13:15:36
Commodity Units Price Change % Change Contract Time(EST)
Platinum Spot USD/t oz. 1,180.63 +6.00 +0.51% N/A 20:08:09
Palladium Spot USD/t oz. 779.50 +1.60 +0.21% N/A 20:09:09
Commodity Units Price Change % Change Contract Time(EST)
COMEX Copper USd/lb. 262.30 +0.85 +0.33% May 15 19:44:52
LME 3 Month Copper USD/MT 5,745.00 +95.50 +1.69% 2015 05 18 02/18/2015
LME 3 Month Aluminum USD/MT 1,819.00 +1.00 +0.06% 2015 05 18 02/18/2015
LME 3 Month Zinc USD/MT 2,088.00 -15.00 -0.71% 2015 05 18 02/18/2015
LME 3 Month Tin USD/MT 18,075.00 +25.00 +0.14% 2015 05 18 02/18/2015

Metals commodities trade on different exchanges with different trading sessions, change always shows from the prior day’s closing price.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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