February 2012

CLOSE TO CLOSE: Base metals prices fall in LME kerb as banks sell euros

Base metals prices fell back in kerb trading on the London Metal Exchange on Wednesday February 29, following a sell-off of the euros lent through the European Central Bank’s long-term refinancing operation (LTRO).

LME steel billet prices pick up, more trades reported

London Metal Exchange steel billet prices saw a slight increase on Wednesday February 29, thanks to a slight pick-up in trading activity.

UK supreme court ruling will spread MF Global client money among wider pool

Clients of bankrupt London Metal Exchange brokerage MF Global UK are examining the ruling on Wednesday February 29 by the UK supreme court on who is entitled to a share of the client money pool (CMP) of Lehman Brothers, which went bust in 2008, and the response to it from administrator KPMG in relation to MF Global’s bankruptcy.

Short term setbacks expected for base metals prices

The rally in base metals prices in recent months does not signify a “decisive break higher”, analysts at Swedish merchant bank SEB said in a note.

MEIR ON METALS: Markets remain firm as investors remain comfortable with 'risk-on' trades

Analyst Ed Meir looks at what is moving the metals markets on Wednesday February 29.

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.

Base metals prices up in LME pre-market on euro strength

Base metals prices improved in pre-market trading on the London Metal Exchange on Wednesday February 29, as prices continued to follow the fortunes of the euro.

CHINA STEEL WRAP: Spot longs move up on Shagang hint

China’s spot prices for long products rose on Wednesday February 29 ahead of an expected price hike by Shagang Group on Thursday.

LME ASIAN WRAP: Copper falls on US durable goods orders

London Metal Exchange copper edged down in early Asian trading on Wednesday as disappointing US data dampened market sentiment.

Free market aluminum scrap prices move higher

Free-market aluminum scrap and ingot prices continue to inch higher, driven by a rise in the London Metal Exchange’s North American special aluminum alloy contract (Nasaac).