Base metals prices rise in LME officials on better sentiment

Base metals all settled above their opening prices in official trading on the London Metal Exchange on Wednesday February 29, after the European Central Bank launched its long-term refinancing operation (LTRO) to a positive reception.

Banks took €529.5 billion ($711.2 billion) in the LTRO's first round, within expectations but above the consensus figure of €500 billion given by analysts earlier in the week. “There is general feeling in the market, not that the crisis is behind us, but that Armageddon has been avoided,” a category II broker said. “We’re in a similar place now to where we were in September. I’m not bullish, but I can see why it’s ticking up.” Three-month copper settled at $8,590/590.50 per tonne, after opening the...

Published

Jethro Wookey

February 29, 2012

13:39 GMT

London