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Base metals close mixed

Reported by AAP
Thursday, November 27, 2014
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Copper futures have closed lower on the London Metal Exchange, after the release of mixed US economic data.

The LME's three-month copper contract was down 0.5 per cent at $US6,570.00 a metric ton at Wednesday's PM kerb close.

Durable goods orders were up 0.4 per cent and new homes sales rose 0.7 per cent in October, but a rise in weekly jobless claims to 21,000 "was a surprise to analysts and (went) against the recent trend," said Liz Grant, a senior account executive at Sucden Financial.

The data resulted in mixed messages for base metals, sending copper downward.

The US is the second-biggest consumer of the US dollar-denominated red metal and the broadly positive data had a negative effect on metal prices.

Analysts were also looking at oil for price clues.

"Since the metals market might have been influenced by the weak oil market recently, any agreement to cut production from the oil producers today or tomorrow might lead to a rally in oil and hence metals market," said Richard Fu, head of Asian commodities trading at Newedge.

Aluminium closed up 0.6 per cent at $US2,061.00 a ton, zinc closed 0.04 per cent higher at $US2,272.00 a ton, nickel fell 0.9 per cent to finish at $US16,350.00, lead closed up 0.5 per cent at $US2,063.00 a ton, and tin closed up 0.4 per cent at $US20,275.00.

19/12/2014 14:13Sydney, Australia. 19 December,2014
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