metals
Another day that saw base metal prices under pressure and turnover was low/moderate. Copper continued to flirt with 4600 area and ali tested the support at 1450/55. Zinc rallies continued to be sold and this kept the market pegged at or below 1500 for most of the day with pockets of Western trade buying noted on the dips. Nickel had another weak day as 9000 gave way leading the way down to 8875. LME stocks were small down across the board. 5pm LME closes were “mixed” with most metals recovering from the earlier lows as short covering emerged. Surprise/sudden borrowing of Zinc nearby spreads was also seen on the close with Dec Jan trading into 4.5c From the US, weekly jobless claims were -5k which was in line with forecasts. The Philly Fed business Index showed improvements – moving to +1.9 in Nov from – 4.5 in Oct.
Regards All.
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