MEIR ON METALS: Metals lower as macro concerns weigh on the group

May 03, 2012 | 10:34 AM |

Analyst Ed Meir looks at what is moving the metal markets on Thursday May 3.
Copper and General Commentary: Copper prices fell to their lowest level in a week on Wednesday, as ongoing concerns about slowing EU, Chinese, and to a lesser extent, US growth, weighed on the market.
In fact, for some time now, metals have been trading in lacklustre fashion, unable to get anything meaningful going on the upside given the increasingly dour macro statistics that have been coming our way. However, we are not seeing a price collapse either, as the US economy is still chugging along, and Chinese demand, while reduced, is still a force to be reckoned with.
In copper’s case, severe supply constraints and declining inventories are also helping prop up prices, providing ballast for the rest of the metals. The exception seems to be nickel, which although up right now, is looking extremely poor on the charts and close to breaking down to fresh lows. ....

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