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MEIR ON METALS: Don’t break out the ouzo just yet

February 10, 2012 - 17:25 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 Friday.

Copper and general commentary: A deal out of Greece finally came through on Thursday February 9, triggering a substantial rally in a number of markets, with base metals leading the pack. Copper rose to a five-month high as the euro itself pushed to a three-month peak of $1.33. More broadly, 15 of 24 commodities in the S&P GSCI index advanced. With regard to the specifics of the Greek deal, Greek prime minister Lucas Papademos and other party chiefs have agreed to extend budget cuts this year by 1.5% of GDP, and will also reduce minimum wages by 20%. In addition, there will be immediate job cuts for as many as 15,000 state workers, while pension payments will also be lowered. The latter was a key stumbling block that delayed the final accord by at least one day. On the Greek bond issue, although talks are still going on, it seems...

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

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Aluminium

May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 14:40 Trafigura, Ormet will explore joint investments in aluminium
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 12:20 Constellium signs multi-year, $2bn supply agreement
May 24, 2012 11:25 Shanghai copper price little changed; arbitrage gap narrows

Lead & Zinc

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 12:08 Brazilian zinc consumption will grow 6% in 2013
May 24, 2012 11:25 Shanghai copper price little changed; arbitrage gap narrows

Copper

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 15:26 Copper products sales in Brazil hit record $8.6bn
May 24, 2012 13:59 Copper concentrator failure halts production at Botswana’s Mowana mine
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus

Nickel & Tin

May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 10:15 Base metals prices fall in LME pre-market in the wake of listing eurozone
May 24, 2012 05:50 Trafigura will move to Singapore this year
May 24, 2012 03:57 LME ASIAN WRAP: Copper prices see small lift from US data

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