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China & Europe Show Signs of Improvement, Metals Surge

October 24, 2011 at 23:57 by Vladimir Vyun

Industrial metals, including copper and nickel surged today, after the European Union summit ended this weekend and China’s manufacturing expanded. Among gainers were also aluminum, lead, tin and zinc.

The European leaders discussed the measures to support the region’s banks. They were also working on the plans to end the sovereign debt crisis that likely will be revealed at the summit on November 3. The forceful restructuring of Greece’s debt was rejected.

China was showing signs of slower economic growth and that was bad for commodities in general and for industrial metal in particular. Today’s report about China’s manufacturing brought some relief and encouraged traders to invest in metals. The HSBC Flash China Manufacturing Purchasing Managers’ Index increased to 51.1 in October from 49.9 in the month before.

Copper settlement advanced from $3.2190 to $ 3.4470 per pound today as of 23:50 GMT on COMEX. Spot price for nickel jumped from $945.90 to $996.0 per kilogram on MCX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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