MEIR ON METALS: Markets mixed as they brace for key policy pronouncements

Analyst Ed Meir looks at what is moving the metal markets on Thursday August 30.

Copper and general commentary: Copper fell to a one-week low on Wednesday August 29 in heavy trading volume, and most other metals followed suit, with Tin being the biggest loser on the day – down as much as 6.9% at one point, after producer PT Timah said it had resumed spot sales.
The macro data we saw come out on Wednesday was somewhat inconsequential: US GDP growth was revised to 1.7%, slightly higher than initially thought, but this did not change the short-term dynamics much.

We just got Thursday US initial claims data at 374,000, higher than the 370,000 expected. Separately, personal income increased in July by 0.3%, in line with expectations, although spending increased by 0.4% and came in on the low side of estimates. None...


Ed Meir

August 30, 2012

15:30 GMT