MCR 1.39% 73.0¢ mincor resources nl

base metals shake off downturn...

  1. 326 Posts.
    From today's Sydney Morning Herald....

    November 5, 2003 - 1:05PM

    In London, base metals markets rediscovered upside momentum during Tuesday's London Metal Exchange trading, shaking off Monday's brief downwards technical correction as renewed investment buying lifted some to multi-year highs, traders said.

    Copper surged higher, hitting a new five-year peak, while nickel barnstormed back up above $12,000 to a hit a fresh 14-year best.

    In both cases, distressed buying was instrumental in price rises, as intra-day traders were forced to close out positions by the close.

    Traders said metals were benefiting from signs of improvement in the global economy and significant buying interest from China.

    Copper was propelled higher by fund buying after the initial Far Eastern interest, with the clearance of resistance around $2,080 triggering the late leap towards $2,098 a tonne, the day's high and a $49 gain from Monday's kerb close.

    Nickel motored higher from midsession onwards and was assisted by buy-stops that locked in above $12,050/$12,200.

    It closed the day at $12,220, well up from Monday's kerb close of $11,670.

    Aluminium gained $18 to $1,525 but remained comparatively range bound given the moves in other metals.

    Lead jumped $29 to $639 while zinc raced up $15 to $942 and Tin rose $80 to $5,250.

    In New York, COMEX gold rose Tuesday, recouping some of its sharp losses after Monday's selling brought out the bargain hunters, said traders who also cited a weaker dollar.

    "Gold is up today because the euro and the yen are higher. That's helping gold," said one gold broker.

    Traders said gold's gains were mostly in recovery from the huge losses sustained on Monday, when another round of strong US economic data knocked gold down two per cent by the close.

    The benchmark December contract closed $2.90 higher at $380.00 an ounce.

    As the dollar pulled off of Monday's highs, traders said scale-down buyers jumped in the gold market to avail themselves of the currency advantage for dollar-denominated gold in overseas markets.

    The dollar slipped against the yen on Tuesday as Japanese exporters cashed in on the greenback's rally to a one-month peak in the previous session.


    This story was found at: http://www.smh.com.au/articles/2003/11/05/1067989599321.html

 
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