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....

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