MEIR ON METALS: Metals tread water for second day running as a number of markets are closed

May 01, 2012 | 09:50 AM |

Analyst Ed Meir looks at what is moving the metal markets on Tuesday May 1. Copper and General Commentary: Metals finished modestly lower on Monday in very quiet trading, with copper breaking a five-day winning streak. We did not have much going on in terms of news except for a number of macro releases out of the US, which came in mixed. On the negative side, business activity in the US, as measured by the Chicago purchasing managers’ index (PMI), decreased to 56.2, its slowest pace since November 2009 and coming in much lower than the 60 level expected. On the positive side, both US consumer spending and incomes climbed in March; spending....

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