MEIR ON METALS: Markets firm up slightly, as central banks gear up for Greek elections
Jun 15, 2012 | 09:55 AM
Analyst Ed Meir looks at what is moving the metal markets on Friday June 15.
Copper and General Commentary: Metals finished mixed on Thursday, with copper prices inching forward, although aluminium remains caught in a slow drift lower. We are seeing the same divergence again right now, with copper and the rest of the group pushing higher, while aluminium continues to struggle, now bouncing around key support at $1,950.
Part of why aluminium is behaving the way it is may have to do with the fact that despite prices crashing through the $2,000 mark, there are no announcements regarding fresh production cutbacks. This is especially true of China, where year-to-date production is up some 10% through May and now likely running ahead of demand given the slow-down in the Chinese economy. Moreover, with local Chinese aluminium prices hovering around $2,500, there seems to be little incentive to cut back as, unlike in the....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.