LME metals move higherSource: Hoovers See alsoBase Metals...

LME metals move higher
Source: Hoovers



See also
Base Metals Board
Base Metals CatalogEarlier mixed price signals gave way to across-the-board strength in London Metal Exchange metals Wednesday afternoon led by near-record highs in nickel, zinc and lead prices.

Zinc recorded the strongest intra-day gains, advancing $105 to end late kerb in London at $3,790 a metric ton, up 2.8% on Tuesday's kerb close and, crucially, above recent September highs.

Zinc's strong close at $3,790/ton signifies the end of rangebound trading and increases the likelihood prices will trend back towards May's all-time high of $4,000/ton, said Barclays Capital.

Nickel prices rallied towards another breach of $30,000/ton, ending up $410 on previous PM kerb levels at $30,100/ton from $29,690/ton at Tuesday's PM kerb.

Both zinc and nickel have found good support throughout LME Week based on upbeat forecasts from market participants who cite falling stocks and tight supplies as reasons for short-term price strength.

Lead trumped Tuesday's highs to trade at a fresh all-time high of $1,470/ton in late afternoon trading. Prices eased back to $1,458/ton by late kerb though were still up $28 on Tuesday's PM kerb.

Aluminium regained ground above key resistance at$2,600/ton, trading up $20 on Tuesday's late kerb price at $2,605/ton.

3 months metal (prices in dollars a ton)
Bid – Ask, Change from Tuesday PM kerb

Copper 7510.00-7511.00 Up 80.00
Lead 1458.00-1460.00 Up 28.00
Zinc 3790.00-3800.00 Up 105.00
Aluminium 2605.00-2607.00 Up 20.00
Nickel 30100.00-30150.00 Up 410.00
Tin 9050.00-9100.00 Up 75.00