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***MEIR ON METALS: Metals firm on strong macro readings, but follow-though still an issue
September 02, 2010 - 15:14 GMT
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Analyst Ed Meir looks at what is moving the metals markets on Thursday
Copper and general commentary: Copper is now at $7,660, up $54, and building on the gains made Wednesday’s session, when markets surged in the wake of a strong ISM manufacturing figures out of the USA, following the Chinese purchasing managers’ release from earlier in the day.
The dual reports sparked the broader CRB index to its biggest single-session gain (+1.6%) in over a month, while the US stock market staged its biggest one-day rally in eight weeks. Moreover, with participants showing a willingness to hold riskier assets, the dollar had its worst daily showing in a month, while US treasury yields pushed markedly higher.
The US ISM report was a total surprise, as markets had been lulled into expecting steadily weaker data with each passing day right up until the release....
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Euromoney Institutional Investor PLC.
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