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***MEIR ON METALS: Metals hold on despite soft US GDP number

July 30, 2010 - 16:39 GMT

Analyst Ed Meir looks at what is moving the metals markets on Friday

Copper and general commentary: Copper is at $7,220 per tonne, down $10, and prices have had a choppy session over the past twelve hours. We opened lower on Japanese reports showing that industrial production fell 1.5% in June, substantially more than the 0.2% increase expected. Prices have since climbed back, even managing to get into the black briefly before relinquishing some of their gains going into the US GDP report, which came out over the last thirty minutes. The long-awaited number came in at 2.4%, only slightly below the consensus forecast of 2.5%, although significantly, last quarter's growth rate was revived a whole percent to +3.7%. Copper has shed about $50 per tonne since...

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