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MEIR ON METALS: Commodities push higher despite Greek impasse
January 23, 2012 - 17:08 GMT
Location:
London
KEYWORDS:
Ed Meir
,
base metals
,
copper
,
aluminium
,
zinc
,
lead
,
tin
,
nickel
Analyst Ed Meir looks at what is moving the metal markets on Monday.
Copper and general commentary: Metals lost ground on Friday, but losses were rather modest, except for copper, which dropped a substantial $145 per ton as it retreated from a four-month peak.
A weaker euro pressured the group after a round of indecisive debt talks with Greece weighed on sentiment. In this regard, negotiators flew out of Athens empty-handed on Saturday, leaving behind a technical team to work on more details, but it is unlikely that a deal will be clinched before the current meeting of Eurozone finance ministers wraps up.
From what we read, the talks have bogged down over the issue of how much of a coupon the new Greek bonds will carry, with Greece pushing for a 50 basis point reduction, while private bond-holders are sticking to their original offer of 4%.
Existing bonds will be discounted by some 70%, higher than the 50% haircut that was initially...
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Euromoney Institutional Investor PLC.
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