Again base metals melt down and market entered in deep red area with heavy selling pressure seen on gloomy global outlook after US Federal Reserve said it its Beige Book survey that economic prospects appeared to be dimming. Further degrading of Spain’s credit rating amid slowing China’s GDP growth numbers weighed on markets.
LME Copper fell as much as six percent this week; today down by four percent with prices fell below $7000 mark. Other metals also traded weak.
On London Metal Exchange, copper fell to $6950, down by four percent with nickel prices are down by 3 percent to $18200. Zinc prices are down by more than 4 percent and lead down by 3 percent to $1750 and $1800 respectively.
Recently, market stand at a point where negative news highly influence market rather than positive as this week we got bad news from China and European countries. Further yesterday negative comments by US Federal Reserve weighed on markets.
Today, base metals prices are expected to trade under pressure.
Copper (Nov): S1=344, R1=355
Nickel (Oct): S1=905, R1=920
Lead (Oct): S1=88, R1=91.50
Zinc (Oct): S1=85, R1=87
Steel long (Nov): S1=31500 R1=32300
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Base Metals Trend in the Red, LME Copper Falls 6% This Week
Published 10/20/2011, 09:22 AM
Updated 05/14/2017, 06:45 AM
Base Metals Trend in the Red, LME Copper Falls 6% This Week
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