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LME OFFICIALS: Base metals prices up on strong European indicators

July 24, 2013 - 15:00 GMT Location: London

KEYWORDS: LME officials , copper , aluminium , zinc

Base metals prices strengthened in official trading on the London Metal Exchange on Wednesday July 24, on a weaker dollar and bullish manufacturing indicators in Europe.

The dollar was trading at about 1.325 to the euro in early trading, from about 1.318 on Tuesday, while European purchasing managers' indexes (PMIs) saw unexpected growth. "Euro-area PMIs have improved modestly over the past couple of months and the 'flash' readings for July showed improvement again today," a broker said in a note. "The upside surprise was the manufacturing PMI which came in above 50, signalling expansion...

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