Sucden Financial released the base metal daily on August 10, saying that after the Fed announced that it would maintain its low interest rate level for the next two years, starting from the Asian trading session, the base metals staged an experimental rebound on the morning of the 10th, and the Fed decided to Boosted the stock market. Copper rose to above US$9,000/ton, driving other base metals to rebound. China's July metal imports data also provided some additional support to the market.
Most of the time on the 10th, the base metal prices have been fairly stable, although the highs have not been refreshed and the price trading range is narrow. The base metals market remains tense and vulnerable to any further weak economic data, as weak data may weaken global demand and consumption of industrial goods.
In the afternoon session, the market was filled with rumours that the French debt rating may be downgraded by rating agencies. This factor contributed to the sharp fall in the euro, coupled with further losses in the US stock market and the depreciation of the US dollar, which triggered a round of liquidation activities in the LME base metals market.
At the end of the trading day, the base metal market was under pressure and closed at 5 o'clock. The base metals all closed at or near the day's low, due to the destruction of technical support on that day. The lead was reported at US$2,275/ton, the nickel was reported at US$20,970/ton, the Zinc was reported at US$2,100.50/ton, the copper was reported at US$8,600/ton, and the aluminum was reported at US$2,396/ton.
Gold futures rose sharply in the afternoon session. As of this writing, gold prices hit another record high of $1,797 per ounce, due to investors fleeing high-risk assets, while the Dow fell more than 400 points.
Most of the time on the 10th, the base metal prices have been fairly stable, although the highs have not been refreshed and the price trading range is narrow. The base metals market remains tense and vulnerable to any further weak economic data, as weak data may weaken global demand and consumption of industrial goods.
In the afternoon session, the market was filled with rumours that the French debt rating may be downgraded by rating agencies. This factor contributed to the sharp fall in the euro, coupled with further losses in the US stock market and the depreciation of the US dollar, which triggered a round of liquidation activities in the LME base metals market.
At the end of the trading day, the base metal market was under pressure and closed at 5 o'clock. The base metals all closed at or near the day's low, due to the destruction of technical support on that day. The lead was reported at US$2,275/ton, the nickel was reported at US$20,970/ton, the Zinc was reported at US$2,100.50/ton, the copper was reported at US$8,600/ton, and the aluminum was reported at US$2,396/ton.
Gold futures rose sharply in the afternoon session. As of this writing, gold prices hit another record high of $1,797 per ounce, due to investors fleeing high-risk assets, while the Dow fell more than 400 points.
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