MEIR ON METALS: Markets very quiet after Wednesday’s Fed-induced bounce
Apr 26, 2012 | 12:19 PM
Analyst Ed Meir looks at what is moving the metal markets on Thursday April 26.
Copper and General Commentary: Metal prices finished in positive territory in relatively heavy volume on Wednesday, with COMEX turnover pushing above 110,000 lots, 60% above the 30-day average, according to Thomson-Reuters data. A number of other commodity markets also pushed higher, although energy was relatively restrained all day on noises out of Iran that a possible breakthrough in the nuclear talks could be in the offing.
Metal prices did wobble off their highs briefly when the Fed policy statement came out earlier in the day, as investors were disappointed by the absence of any wording that hinted at possible easing in the months ahead. However, we did see a bit of a snap-back, particularly in gold, after Chairman Ben Bernanke got his press conference under way.
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