MEIR ON METALS: Metals slightly higher despite Spanish downgrade, soft US GDP number
Apr 27, 2012 | 08:53 AM
Analyst Ed Meir looks at what is moving the metal markets on Friday 27 April.
Copper and General Commentary: Base metals finished sharply higher on Thursday, as the lingering after-effects of Chairman Bernanke’s comments continued to pressure the dollar, forcing it to slide to $1.3263 against the euro – a three-week low. Other markets saw good gains as well; precious metals and US equity markets both finished higher, with stocks putting together their best three-day gain since February amid decent earnings reports.
Right now, markets are mixed, with base metals recovering from early losses and now modestly higher, but precious metals and energy are both down. The euro is steady at $1.3230 and US stocks are expected to open flat.
Some of Friday’s buy-side momentum has been....
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