All Posts Tagged With: "Zinc"

Base Metals Lose Again, Plunge is the Result of Rising Copper Stockpiles

It was another terrible day for the base metals Monday as copper, zinc, nickel, aluminum, and lead were all down during the day’s trading. After remaining flat in early trading, copper prices plunged in the pre-dawn hours, falling almost 13 cents, to $3.5065/lb.

Zinc rose slightly in early trading, but soon succumbed to the downward pressure of the day to close at $0.7959/lb., down over 3 cents. Nickel fell badly throughout trading Monday, ultimately ending just off its intraday low, at $8.0603/lb., down 15½ cents. Aluminum also trended down all day, dipping below $1.27/lb. just before noon.

While prices recovered slightly, aluminum still finished the day down 3 cents, at $1.2796/lb. Lead was not immune to the base metals’ woes on the day as it dropped over 5½ cents, to $0.9143/lb.

Copper’s second straight day of sharp declines was largely due to rising stockpiles of the metal and continuing concerns of poor copper demand.

According to the LME, copper stockpiles have risen by 19% in the past month, to the their highest levels in six months.

Copper is just looking ugly,” Matthew Zeman of LaSalle Futures Group remarked. “With the global economic slowdown, and a steady rise in stockpiles, it’s hard to see any reason that copper won’t continue to drop. Prices could fall quite a bit fairly quickly.”

Source: Base Metals Lose Again, Plunge is the Result of Rising Copper Stockpiles

Base Metals Are Strong

The base metals were mostly in the black on Friday. Copper started up in the pre-dawn hours and kept pushing higher during most of the trading day, finishing barely off its intraday high at $3.8965/lb., up 5 cents.

Copper Rallies on Peru

The base metals were mixed on Thursday. Copper sank during the pre-dawn hours but took off during the first hour of New York trading, before easing later in the day and finishing at $3.8466/lb., up 2¼ cents.

Base Metals Stuck

The base metals were mixed on Friday. Copper was flat until the late morning, then shot upward, peaking around noon before flattening out after that to finish at $3.6656/lb., up 5 cents.

Base Metals Remain Stagnant

The base metals were mixed again on Wednesday. Copper sagged through the pre-dawn hours, but recaptured the lost ground during the New York session, finishing at $3.6395/lb., up a penny and a half.

Base Metals Mostly Higher

The base metals were mostly higher on Friday. Copper rose during the pre-dawn hours, peaking at $3.73 near the New York open, then slid for most of the rest of the day, finishing at $3.6965/lb., up 9 cents.

Base Metals Continue Weak - Huge Copper Surplus Predicted for 2009

The base metals were mixed again on Thursday. Copper sank during the pre-dawn hours and fought its way back during the New York session though it fell short of positive territory at $3.6068/lb., down more than a penny and a third.

Base Metals Can’t Get Respect

The base metals were mixed again on Wednesday. Copper had some big ups and downs but in the end was little changed as it finished at $3.6206/lb., down a penny and a half.

Base Metals Remain Stagnant - Aluminum Fundamentals seen as Strong

The base metals were mixed on Monday. Copper was off in the pre-dawn hours but rallied back during the New York session yesterday, to finish little changed at $3.6665/lb., down just over a tenth of a cent.

Base Metals Regroup - Tin Finally Starts Coming Down

The base metals were mostly in positive territory on Friday. Copper struggled mightily to turn in a positive day yesterday, rallying twice off of steep drops, and it eventually succeeded, finishing at $3.6679/lb., up 2 2/3 cents.

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