MEIR ON METALS: Waiting, waiting, waiting…
Dec 08, 2011 | 09:45 AM
Analyst Ed Meir looks at what is moving the metals markets on Thursday.
Copper and general commentary: Copper fell slightly for a second straight day on Wednesday, leading the rest of the group lower as investors continue to sift through the tea leaves to try and get a handle on what European leaders could possibly concoct as they start their 48-hour meeting in Brussels on Thursday.
At this stage, one can make the case that the leaders themselves may not know exactly what they want either, given the mixed signals being sent. One senior German official expressed misgivings on Wednesday about whether the summit would succeed, causing a modest rollback in some of the earlier gains we saw in a number of markets.
From what we are reading, French president Nicolas Sarkozy and German chancellor Angela Merkel are proposing to amend European treaties so that controls on budgets would be tightened and discipline enforced.
In a joint letter to EU president Herman Van Rompuy, the two leaders said they want a decision by the close of their meeting so that treaty revisions can be enacted by March next year.
The Germans are particularly adamant about the way forward – much more....
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