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Base metal prices hover around 200-day averages in LME pre-market

February 02, 2012 - 10:22 GMT Location: London

KEYWORDS: copper , aluminium , lead , LME , pre-market , prices

Base metals consolidated around their 200-day moving averages in Thursday’s pre-market trading on the London Metal Exchange, surprising some traders who had expected further weakness.

“Prices fell below the 200-day averages yesterday and I thought they’d go lower, but we’re now above those levels again,” a category I trader said. “There’s not much activity. It’s just ‘click-click buying’ by the funds.” Three-month copper opened the day at $8,410 per tonne, after settling in Wednesday’s official session at $8,394/395. The red metal reached a high of $8,475 per tonne and a low of $8,370 by 10:23 GMT. Many Chinese buyers are yet to return to the...

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Comment & analysis

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Seven days is a long time in the investment world, but last week must have felt longer than most.
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