Base Metals Up
Doug Casey (December 23rd, 2008) Writes:
It was a good day for the base metals Monday as copper, aluminum, lead, and zinc all gained, leaving nickel as the sole loser. Copper rose sharply to begin trading, reaching past $1.36/lb., but lost ground throughout the day. The metal ultimately finished at up less than ½ cent at $1.3115/lb.
Nickel, also started sharply up in early trading, but it relinquished its gains, finishing down 4 ½ cents at $4.4339/lb. Zinc rose steadily starting in the pre-dawn hours, finishing close to near its intraday high at $0.5177/lb., gaining 1½ cents on the day. Lead also posted gains Monday, rising steadily throughout trading to finish up 1½ cents, at $0.3948/lb. Aluminum fell slightly to begin the day but quickly recovered to finish just off its intraday high at $0.6839/lb., up over 1¾ cents.
Copper’s gains were a reaction to the Bank of China’s decision to lower interest rates in an effort to
...bank of china, China, contrarian profits, Jon Nadler, Market Commentary, metal, Ralph Preston, USD


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