COMMODITIES - Market & Metal News - Charts
posted on
Jan 06, 2010 07:46AM
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Among other precious metals.
Silver was bid at $17.98 an ounce against $17.76.
Platinum was at $1,543 an ounce against $1,528.50.
Palladium at $421.50 against $418.
Platinum group metals traders welcomed news that U.S. auto sales hit 11.25 million in December, the fourth month of consecutive improvement after a weak year. Carmakers account for more than half of platinum consumption.
Elsewhere the world's biggest automaker, Toyota, said it sold 21 per cent more cars in China in 2009 than a year earlier, while GM's China sales rose 67 per cent.
The two platinum group metals hit their highest in over a year on Tuesday, with news that exchange-traded funds backed by the metals will be launched in the United States lifting prices.
"Signs of recovery in the U.S. auto market and expectations U.S. ETFs could soon begin trading continue to underpin PGM price," said James Moore, an analyst at TheBullionDesk.com.
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Copper falls as supply threat recedes
LONDON - Copper slipped on Tuesday as a threat to supplies from Chile ebbed, but analysts say strong manufacturing data from the United States and China, the world's largest consumer of industrial metals, will buoy prices.
Benchmark copper on the London Metal Exchange traded at $7,485 (U.S.) a tonne in official rings from $7,500 a tonne at the close on Monday when the metal used extensively in power and construction touched $7,536, the highest since August 2008
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Record high nickel stocks - 158,424 tonnes - in LME warehouses also hit prices of the stainless steel material, which was at $18,700 a tonne from $18,950 on Monday.
Aluminum.
The metal used in transport and packaging was at $2,280 a tonne from $2,266 on Monday. It has been supported by financing deals which have tied up LME stocks.
"The recent rally can only be maintained as long as the huge amount of metal tied up within these deals is kept off the market," Standard Chartered said in a note.
The threat of power supply disruptions in China, the world's largest producer of energy-intensive aluminum, because of harsh winter conditions, is also a support.
"It could constrain aluminum production," Deutsche's Mr. Brebner said. "We understand cold weather conditions in China could be impacting zinc and lead production."
Lead was at $2,480 a tonne from $2,515 on Monday.
Zinc at $2,555 from $2,570.
Tin at $17,545 from $17,440.
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Spot quotes are non-LME prices
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