Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of MRW, please enable cookies in your browser

We'll assume we have your consent to use cookies, so you won't need to log in each time you visit our site.
Learn more

London Metal Exchange

 

 

Warehouse [tonnes]

Price [$]

Aluminium

U8500

U34

Aluminium alloy

D1300

D10

Copper

D5775

U297

Lead

U3875

D35

Nickel

D1278

U1584

Tin

U215

U547

Zinc

U1425

U33

Steel [Med]

D3055

U67

Steel [Far East]

No change

U30

Metal prices were higher following generally sound economic news, and relief that a halfway to reasonable deal had been struck to support Greece.

US durable goods orders rose by 0.5% (month-on-month) in February, while the January figure was revised up to 3.9%.  Confidence in the US economy, as measured by the University of Michigan, remained unchanged at a 73.6, a relatively high level by recent standards.

In the eurozone, the purchasing managers index for manufacturing rose to 56.3 in March from 54.2 a month earlier, and the indicator measuring general economic sentiment in the zone rose to 97.7 for March from 95.9 in February.

The deal offering Greece a mixture of financial aid from eurozone members and the International Monetary Fund restored a measure of confidence in the European single currency, and the country was able to launch a bond offering of about 5 billion euros earlier this week without spooking the markets.

Traders also noted that speculative activity was starting to rebuild as confidence was coming back.  This could lead to an increase in volatility.

There was mild disappointment, however, that Japans industrial output fell by 0.9% in February; it was the first decline in a year, and followed good growth in January.

As a result copper for delivery in three months was trading at around $7,754 per tonne earlier this week, up from $7,457 a week earlier.  Figures from the International Copper Study Group showed that mined output across the globe last year rose by 1.3% to 15.7 million tonnes, while production of refined metal rose by 0.7% to 18.5 million tonnes, and consumption of refined metal was barely changed at 18.0 million tonnes.  Holdings of copper in warehouses approved by the London Metal Exchange fell to 514,900 tonnes earlier this week from 520,675 tonnes a week earlier.  The charts suggested that the copper market could expect to find support around $7,600, and was likely to run into resistance above $8,585.

Aluminium was also steady, but to a lesser extent than copper.  Three month metal was trading at around $2,289 per tonne earlier this week, up from $2,255 a week earlier.  LME stocks continued to swell; earlier this week they stood at 4,604,850 tonnes, up from 4,596,350 tonnes a week earlier.  According to the charts, the market could be expected to encounter support around $2,200, and was likely to find resistance above $2,300.

Aluminium alloy went its own way.  Earlier this week, three month alloy stood at $2,070 per tonne, little changed from $2,080 a week earlier.  LME holdings of alloy fell to 77,060 tonnes earlier this week from 78,360 tonnes a week earlier.  According to the charts, the market was likely to find support around $1,420, and to face resistance above $2,250.

Nickel was ahead of the pack, having been helped by a recent technical breakout.  Earlier this week, three month metal was trading at around $23,949 per tonne, up from $22,365 a week earlier.  The International Stainless Steel Forum noted that production of stainless steel last year eased by 5.2% to 24.6 million tonnes; China was one of the few countries where production increased by 26.8% to 8.8 million tonnes.  Stocks of nickel in LME warehouses fell to 156,090 tonnes earlier this week from 157,368 tonnes a week earlier.  The charts suggested that the nickel market would find support around $21,500, and could face resistance above $25,000.

Zinc was trading with three month metal at $2,319 per tonne earlier this week, up from $2,286 a week earlier.  LME stocks of the metal rose to 542,250 tonnes earlier this week from 540,825 tonnes a week earlier.  The charts suggested that the market would find support around $2,150, and that it could run into resistance above $2,300.

But lead was easier.  Earlier this week, three month lead was trading at around $2,145 per tonne, down from $2,180 a week earlier.  Holdings of the metal in LME warehouses rose to 175,725 tonnes earlier this week from 171,850 tonnes a week earlier.  According to the charts, the market could expect to find support around $1,900 and was likely to face resistance above $2,300.

Three month tin was trading at around $18,195 per tonne earlier this week, up from $17,648 a week earlier.  Stocks of tin in LME warehouses rose to 24,225 tonnes earlier this week from 24,010 tonnes a week earlier.  The charts suggested that the market would find support around $17,850, but would face resistance above $18,005.

Three month steel for Mediterranean delivery was quoted at around $615 per tonne earlier this week, up from $548 a week earlier, while the price of three month steel for Far Eastern delivery was around $560 per tonne earlier this week, up from $530 a week earlier.  LME stocks of steel for Mediterranean delivery stood at 39,195 tonnes earlier this week, down from 42,250 tonnes a week earlier, while those for Far Eastern delivery remained unchanged at 4,810 tonnes.

Precious metals continued to be driven by currency movements, and the improved health of the euro tended to coincide with firmer precious metals, as both moved in the opposite direction to the dollar.  Earlier this week spot gold bullion was trading at around $1,111.70 per ounce, up slightly from $1,101.80 a week earlier.  Spot silver was trading at around $17.43 per ounce earlier this week, up from $16.89 a week earlier, while spot platinum was trading at around $1,633 per ounce earlier this week, up from $1,607 a week earlier.

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.