Copying and distributing are prohibited without permission of the publisher

Base metal prices edge higher in LME officials

February 01, 2012 - 13:48 GMT Location: London

KEYWORDS: copper , aluminium , nickel , lme , official session

Base metal prices improved in official trading on the London Metal Exchange on Wednesday February 1, with most contracts settling near their opening prices, while lead and nickel showed significant gains.

The market took strength from discussions in Europe over a debt deal for Greece, which would allow other eurozone nations, such as Portugal, more room to focus on their own economies. “Base metals opened mixed but are turning higher as rumours of a Greek debt deal is encouraging a ‘risk on’ mindset,” an analyst said in a note. But traders are wary of committing to positions as most expect prices to retreat following strong gains in January. “The market has been suspect...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Aluminium

May 24, 2012 08:22 SHFE vs LME arbitrage: copper, aluminium, zinc
May 24, 2012 03:57 LME ASIAN WRAP Copper prices see small lift from US data
May 24, 2012 00:41 Rio Tinto Alcan to start Weipa bauxite mine expansion
May 23, 2012 17:06 CLOSE TO CLOSE: Base metals prices suffer further under euro uncertainty in LME kerb
May 23, 2012 14:31 Euro strife drives base metals prices lower in LME officials

Copper

May 24, 2012 08:22 SHFE vs LME arbitrage: copper, aluminium, zinc
May 24, 2012 03:57 LME ASIAN WRAP Copper prices see small lift from US data
May 24, 2012 00:15 PolyMet expects review by 1st qtr.
May 23, 2012 19:51 Trevali buys mill to ease Halfmile start-up
May 23, 2012 17:06 CLOSE TO CLOSE: Base metals prices suffer further under euro uncertainty in LME kerb

Nickel & Tin

May 24, 2012 03:57 LME ASIAN WRAP Copper prices see small lift from US data
May 24, 2012 00:15 PolyMet expects review by 1st qtr.
May 23, 2012 17:06 CLOSE TO CLOSE: Base metals prices suffer further under euro uncertainty in LME kerb
May 23, 2012 14:31 Euro strife drives base metals prices lower in LME officials
May 23, 2012 13:23 Rwanda seeks bidders for tin deposit

Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.