MEIR ON METALS: Metals steadier as markets wait for key Chinese numbers

Apr 12, 2012 | 10:45 AM |

Analyst Ed Meir looks at what is moving the metal markets on Thursday April 12. Copper and General Commentary: Metals steadied somewhat on Wednesday after six European countries sold debt without much of a glitch. The closely watched Italian auction was mixed, in that although short-term yields moved higher, (double what they were a month ago), the full allocation was taken out. The German auction, on the other hand, was somewhat sloppier, as investors did not take up their full allotment. Ten-year Spanish bonds did better, with yields declining by 10 basis points to 5.88% and backing away from the critical 6% mark. The markets continue to show signs of stabilising right now, with most metals higher, led primarily by copper and zinc. Energy is also up slightly and the euro remains steady, now at $1.3140 and at a one-week high. However, European credit markets are somewhat on the defensive, with the Wall Street Journal reporting that Italian short-term yields rose yet again at an auction held earlier,....