MEIR ON METALS: Markets on hold ahead of Greek elections, Spanish yields spike

Jun 14, 2012 | 11:08 AM |

Analyst Ed Meir looks at what is moving the metal markets on Thursday June 14. Abbreviated commentary: Metal prices were little changed in light trading on Wednesday, as weaker-than-expected USA retail sales data, coupled with lingering concerns over Europe, kept the listless tone intact. Although the retail sales disappointed badly, falling some 0.2% last month, the downside was exaggerated by the sharp decline in gasoline prices – in itself no bad thing, since it saved US consumers some $1 billion at the pump last month alone. We expect trading conditions to thin out over the balance of the week and do not expect to see any extraordinary moves in practically any of the markets ahead of the critical Greek elections on Sunday. If forced to take a position, we likely would want to be long metals heading into the weekend, since as stated in previous commentary, we think the pro-bailout parties will likely eke out a....