MEIR ON METALS: Softer Chinese numbers knock markets back
Apr 13, 2012 | 11:57 AM
Analyst Ed Meir looks at what is moving the metal markets on Friday April 13.
Copper and General Commentary: Metals soared on Thursday, with copper finishing 2% higher on the day in heavy volume, as COMEX turnover ran at more than 50% above the 30-day norm, this according to Reuters. Other metals pushed higher as well, as did a host of other commodities. In fact, 14 of the 19 commodity complexes in the CRB index were up by 1% or more, led by nickel (up 4%). In the equity markets, the USA stitched together its best two-day advance so far this year.
A weaker dollar and talk from two Fed governors that the central bank would remain accommodative into 2014 triggered Thursday’s across-the-board advance. Ironically, the disappointing US jobless claims data was also interpreted positively, as it reinforced the notion that the Fed would remain easy for far longer.
Impressive as Thursday’s run was in metals, we are now rolling back most of these....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.