MEIR ON METALS: Markets retreat on lukewarm Chinese data; JP Morgan hit
May 11, 2012 | 11:07 AM
Analyst Ed Meir looks at what is moving the metal markets on Friday May 11.
Copper and general commentary (abbreviated): Copper finished higher for the first time in six sessions yesterday, and most other markets did better as well. A stronger session in the Spanish equity markets and a slight easing in the number of weekly US initial claims both helped sentiment, as did a likely round of mild short-covering from relatively oversold conditions.
It is a very different story today, with the bears back in charge. Copper is now back around the $8,000 mark and there are sharp declines in lead and zinc in particular. Precious metals are also getting hammered, with gold off another $12 per oz, but oil prices are down by only about $1 per barrel. The euro....
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