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***MEIR ON METALS: Metals up as other markets crumble

May 21, 2010 - 15:09 GMT

KEYWORDS: Ed Meir

Analyst Ed Meir looks at what's moving the metal markets on Friday

Copper and general commentary: Copper is at $6,718, up $108 per tonne, and acting relatively well over the last two days considering the steep sell-offs going on in other markets. As examples, the oil market was down again on Thursday, breaking the $70 mark, while the US stock market also had a particularly bad day, with the Dow losing almost 376 points. For a change, the euro did not figure prominently in Thursday's weaker tone, as it strengthened on the day and even got to a high of $1.2598 at one point on rumours of central bank intervention by the Swiss, who are trying to rein in a soaring Swiss franc. However, the future direction of the euro – and even its viability – remains an open question, and continues to weigh on the markets even when the currency has a good day. With respect to current action, metals are...

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