LME Base Metals Were Under Pressure Monday
The base metals prices on the London Metal Exchange (LME) closed overall Monday.
The base metals prices were under pressure after Greek public’s rejection of austerity measures from creditors in a referendum Sunday.
The Greek people on Sunday gave an overwhelming “No” in the referendum on a rescue package from creditors, dramatically increasing the chance for the country to crash out of the Eurozone.
The market is concerned that Greece is considerably closer to exiting the Eurozone, that notion is weighing on the LME metals prices.
One of the primary reasons behind the recent under performance of Aluminum producers is the decline in aluminum prices. There’s not much chance Aluminum prices will dip much from these marks, barring any major macro surprise. The recent trend in Aluminum prices shows stability could be returning.
Stability in aluminum prices would be a positive for Alcoa (NYSE:AA). Lower Aluminum prices have taken a toll on the Aluminum industry
The 3-month unofficial Copper price dropped 175, or 3.04%, to 5,586/tonne.
The 3-month unofficial Aluminium price lost 20, or 1.17%, to 1,691/tonne.
The 3-month unofficial Lead price lost 11, or 0.62%, to 1,757/tonne.
The 3-month unofficial Zinc price lost 9.5, or 0.47%, to 2,007.5/tonne.
The 3-month unofficial Nickel price lost 300, or 2.50%, to 11,687.5/tonne.
The 3-month unofficial Tin price increased 250, or 1.78%, to 14,325/tonne.
Stay tuned…
HeffX-LTN
Paul Ebeling
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