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LME base metals bounce on gold price
November 16, 2009 - 11:12 GMT
Base metals all opened above Friday’s official settlement prices on the London Metal Exchange on Monday morning as market participants continue to take their lead from the historically-high gold price
Gold was trading at $1,128.75 per oz on Monday morning.
Traders attributed strong overnight copper buying in Asia to
the gold price effect, following thin business throughout last
week as fund buying was subdued due to weak sentiment. "It was
a pretty uneventful week last week – the only thing
you can put your finger on is the gold rally, which has had an
effect on copper overnight," a category I trader said. "There
were good volumes in copper overnight, but not in any of the
other metals, and it’s been quiet this morning."
Three-month copper opened the day at $6,550 per tonne after
settling in Friday’s officials at $6511/12 per
tonne. The red metal traded up to $6,702 per tonne by 11.11 GMT
and traded no lower than its opening price. Fundamental factors
continue to play only...
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Euromoney Institutional Investor PLC.
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