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LME Base Metals Likely Mixed; Strong USD May Weight
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Oct 2, 2011, 8:51:22 PM10/2/11
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LME Base Metals Likely Mixed; Strong USD May Weight
LME base metals are likely to open mixed as a rise in China's official
September PMI helps sentiment, while a strong USD could offset gains.
China's official PMI rose to 51.2 in September from 50.9 in August,
marking its second consecutive rise.
Weak industrial growth in China, the world's biggest consumer of
industrial metals, has pushed prices lower in the past few months. The
data follows the September HSBC PMI, which was flat at 49.9. LME three-
month copper ended Friday 2.9% lower at $7,018/ton and nickel closed
down 5.7% at $17,600/ton.
Traders say metals are stuck in a "pessimistic environment." Analysts
at Barclays Capital lowered base metal forecasts across the board last
week to reflect a weak demand outlook as investors continue to worry
over the health of the global economy.
A strong USD could also weigh as dollar-denominated commodities appear
costlier to holders of other currencies when the greenback
strengthens. The EUR/USD is at 1.3360 versus 1.3390 late Friday in New
York
Source : http://marketpin.blogspot.com/2011/10/lme-base-metals-likely-mixed-strong-usd.html
LME base metals are likely to open mixed as a rise in China's official
September PMI helps sentiment, while a strong USD could offset gains.
China's official PMI rose to 51.2 in September from 50.9 in August,
marking its second consecutive rise.
Weak industrial growth in China, the world's biggest consumer of
industrial metals, has pushed prices lower in the past few months. The
data follows the September HSBC PMI, which was flat at 49.9. LME three-
month copper ended Friday 2.9% lower at $7,018/ton and nickel closed
down 5.7% at $17,600/ton.
Traders say metals are stuck in a "pessimistic environment." Analysts
at Barclays Capital lowered base metal forecasts across the board last
week to reflect a weak demand outlook as investors continue to worry
over the health of the global economy.
A strong USD could also weigh as dollar-denominated commodities appear
costlier to holders of other currencies when the greenback
strengthens. The EUR/USD is at 1.3360 versus 1.3390 late Friday in New
York
Source : http://marketpin.blogspot.com/2011/10/lme-base-metals-likely-mixed-strong-usd.html
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