LME-based metals rose across the board on the 30th, improving risk appetite and adding short-covering at the end of the year to boost the market's upward momentum. Copper fell by 21% in 2011, aluminum fell by 18%, and tin fell by 29%.
Comprehensive media reported on December 30 that the London Metal Exchange (LME) base metals ended higher overall on a light trading day on the 30th, helped by US economic data encouraging market sentiment.
Stronger stocks and higher euro also boosted the base metals. The euro rebounded from a 15-month low hit on the 27th.
The best performing base metal in 2011 was aluminum. The decline in aluminum prices during the year was controlled at about 18%. The worst-performing base metal of the year was tin, which fell by 29% year-on-year.
Many market participants said that other base metals may also be in a difficult situation, dragged by demand concerns. However, considering that the prices of these metals (especially aluminum and nickel) are close to the marginal cost of production, the price drop should be limited to a certain extent.
At the end of the 30-day mixed-session trading, LME 3-month copper futures rose $175.0, or 2.3%, to close at $7,600.0 per ton, compared with the closing price of $9,600.0 per ton for the same period of the previous year. Copper decreased by 21% in 2011. The contract rose to US$10,190.0/t in February.
Many analysts in 2011 also optimistic about its performance. However, due to the uncertain global outlook, investors’ enthusiasm has subsided.
Trading on the most active New York Mercantile Exchange (COMEX), March copper rose 6.6 cents, or 2%, to close at $3.436/lb, and the intraday trading range was between $3.3775/lb and $3.4585/lb. In 2011, copper prices dropped by 23%.
Analysts at Bank of America Merrill Lynch expect that the average price of copper in 2012 will be $3.52 per pound as Europe takes steps to resolve its debt crisis and rising Chinese imports. The bank analysts said that the lack of supply of new copper ore supply should prevent the copper price from collapsing. Since the financial crisis in 2008, the supply of copper has been slow.
The HSBC China Manufacturing Purchasing Managers' Index showed that the country’s manufacturing activity continued to shrink in December, but the pace slowed from the previous month. HSBC Bank said on the 30th that HSBC China's purchasing managers' index in December was 48.7, up from 47.7 in November. An index above 50 indicates that the manufacturing sector is expanding, whereas the index indicates a contraction.
Many analysts said that the outlook for the base metals market in 2012 remains unclear, although it is expected that it will start hard next year.
Stephen Briggs, an analyst at BNP Paribas, said in a report that copper prices may be blocked in 2012 and may then rise again.
Lead increased by 37.0 US dollars to close at 2,035.0 US dollars / ton. Zinc rose by $13.0 to close at $1,845.0/t. Aluminum rose 28.0 US dollars to close at 2,019.0 US dollars / ton. Nickel rose 520.0 US dollars, to close at 18,710.0 US dollars / ton. Tin increased by US$425.0 to close at US$19,200.0/t.
Beijing time December 31, 2011 01:35 LME open outcry trade closing price (unit: US dollars / ton)
-------------------------------------------------
Three-month metal species Bid price Selling price Copper 7600.0 7601.0
Lead 2035.0 2036.0
Zinc 1845.0 1846.0
Aluminum 2019.0 2020.0
Nickel 18710.0 18720.0
Tin 19200.0 19205.0
Aluminum Alloy 1975.0 1980.0
-------------------------------------------------
As of December 31, 2011 at 03:05, the closing price of LME trading after the close of trading (unit: USD/ton)
-------------------------------------------------- -----------
Metal species spot 3 months 15 months 27 months copper 7590.00 7600.00 7614.00 7552.00
Lead 2011.00 2035.00 2100.00 2148.00
Zinc 1827.75 1845.00 1908.00 1936.00
Aluminum 1994.50 2020.00 2117.25 2232.75
Nickel 18724.00 18710.00 18759.00 18763.00
Tin 19148.00 19200.00 19235.00
Aluminum Alloy 1972.00 1980.00 2011.00 2017.00
Sodium alloy 2075.00 2110.00 2186.50 2246.50
Comprehensive media reported on December 30 that the London Metal Exchange (LME) base metals ended higher overall on a light trading day on the 30th, helped by US economic data encouraging market sentiment.
Stronger stocks and higher euro also boosted the base metals. The euro rebounded from a 15-month low hit on the 27th.
The best performing base metal in 2011 was aluminum. The decline in aluminum prices during the year was controlled at about 18%. The worst-performing base metal of the year was tin, which fell by 29% year-on-year.
Many market participants said that other base metals may also be in a difficult situation, dragged by demand concerns. However, considering that the prices of these metals (especially aluminum and nickel) are close to the marginal cost of production, the price drop should be limited to a certain extent.
At the end of the 30-day mixed-session trading, LME 3-month copper futures rose $175.0, or 2.3%, to close at $7,600.0 per ton, compared with the closing price of $9,600.0 per ton for the same period of the previous year. Copper decreased by 21% in 2011. The contract rose to US$10,190.0/t in February.
Many analysts in 2011 also optimistic about its performance. However, due to the uncertain global outlook, investors’ enthusiasm has subsided.
Trading on the most active New York Mercantile Exchange (COMEX), March copper rose 6.6 cents, or 2%, to close at $3.436/lb, and the intraday trading range was between $3.3775/lb and $3.4585/lb. In 2011, copper prices dropped by 23%.
Analysts at Bank of America Merrill Lynch expect that the average price of copper in 2012 will be $3.52 per pound as Europe takes steps to resolve its debt crisis and rising Chinese imports. The bank analysts said that the lack of supply of new copper ore supply should prevent the copper price from collapsing. Since the financial crisis in 2008, the supply of copper has been slow.
The HSBC China Manufacturing Purchasing Managers' Index showed that the country’s manufacturing activity continued to shrink in December, but the pace slowed from the previous month. HSBC Bank said on the 30th that HSBC China's purchasing managers' index in December was 48.7, up from 47.7 in November. An index above 50 indicates that the manufacturing sector is expanding, whereas the index indicates a contraction.
Many analysts said that the outlook for the base metals market in 2012 remains unclear, although it is expected that it will start hard next year.
Stephen Briggs, an analyst at BNP Paribas, said in a report that copper prices may be blocked in 2012 and may then rise again.
Lead increased by 37.0 US dollars to close at 2,035.0 US dollars / ton. Zinc rose by $13.0 to close at $1,845.0/t. Aluminum rose 28.0 US dollars to close at 2,019.0 US dollars / ton. Nickel rose 520.0 US dollars, to close at 18,710.0 US dollars / ton. Tin increased by US$425.0 to close at US$19,200.0/t.
Beijing time December 31, 2011 01:35 LME open outcry trade closing price (unit: US dollars / ton)
-------------------------------------------------
Three-month metal species Bid price Selling price Copper 7600.0 7601.0
Lead 2035.0 2036.0
Zinc 1845.0 1846.0
Aluminum 2019.0 2020.0
Nickel 18710.0 18720.0
Tin 19200.0 19205.0
Aluminum Alloy 1975.0 1980.0
-------------------------------------------------
As of December 31, 2011 at 03:05, the closing price of LME trading after the close of trading (unit: USD/ton)
-------------------------------------------------- -----------
Metal species spot 3 months 15 months 27 months copper 7590.00 7600.00 7614.00 7552.00
Lead 2011.00 2035.00 2100.00 2148.00
Zinc 1827.75 1845.00 1908.00 1936.00
Aluminum 1994.50 2020.00 2117.25 2232.75
Nickel 18724.00 18710.00 18759.00 18763.00
Tin 19148.00 19200.00 19235.00
Aluminum Alloy 1972.00 1980.00 2011.00 2017.00
Sodium alloy 2075.00 2110.00 2186.50 2246.50
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