MEIR ON METALS: Metals lower as sluggish global macro data rein in the bulls

May 02, 2012 | 09:38 AM |

Analyst Ed Meir looks at what is moving the metal markets on Wednesday May 2. Copper and General Commentary: Copper pushed higher in light trading on Tuesday, buoyed mainly by the April ISM number out of the US, which was a total upside surprise given the spate of weaker regional readings released over the past week. The number came in at 54.8, about 1.8 points above estimates and clocking in at its fastest pace in almost a year. Stronger auto production was a key factor behind the increase. Last quarter for example, cars sold at their fastest pace in four years, and although the pace moderated somewhat going into April, sales were decent enough to persuade at least General Motors to lift its full-year 2012 car and truck sales outlook to 14-14.5 million, up from its previous range of 13.5-14 million. Right now, metals....

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