قیمت فلزات 3/5/1390

Copper

Aluminium

Zinc

Lead

Nickel

Tin

Al.Alloy

NASAAC

Steel Billet

Cobalt

Molybdenum

----------------------- Page 1-----------------------

                                                               Monday 25th July 2011



BASE METALS European Morning View



Metals pull back in line with broader markets



By William Adams - Head of Research



The metals put in a choppy performance on Friday, in the morning they generally pushed

higher, with average gains at the highs of 1.5 percent, but then ended the day up an average of

0.8 percent. The fact the dollar stabilised seemed to suggest that the market was comfortable

about the Greek rescue package, but not overjoyed about it.



This morning the markets are focussed on the US debt ceiling and the uncertainty surrounding

that has caused some jitters, enough at least to push gold to a new high at $1,622.20. Greece’s

credit rating has also been marked down further by Moody’s.



The base metals are in retreat mode with average losses as of 07:25 BST of 0.7 percent, zinc

leads the pull back with a 1.3 percent drop to $2,452, copper is down 0.5 percent to $9,631 and

aluminium is down 0.7 percent at $2,572. Volumes have been average at 4,108 lots, 1,594 of

which have been copper.



Despite concerns over the US debt, the dollar is treading water around the 74.20 level on the

dollar index, although the commodity currencies seem to be the strong ones as investors look to

diversify away from the dollar and euro. The aussie is at 1.0820, the Canadian is at 0.9517, the

euro is at 1.4366, sterling is at 1.6307 and the yen is at 78.38. Gold is last at 1618 and silver is

at $40.67.



Equities – the Dow closed down 0.3 percent on Friday, but this morning Asia is weaker. The

Nikkei is down 0.8 percent, the Hang Seng is down 0.7 percent, the MSCI Asia Apex is down

0.8 percent, but China’s CSI 300 is down a hefty 2.7 percent. So despite generally good

earnings out of US companies, the markets seem focused on the macro issues.



Data out today is light with UK mortgage approvals and Belgium business climate data out, so

this will give the markets the opportunity to focus on the fundamentals and the macro picture.



In Shanghai the October contracts are down an average of just 0.2 percent, copper is down 0.4

percent at Rmb 71,640, lead is down the same at Rmb 17,550, zinc is down 0.3 percent at Rmb

18,620, while aluminium is up 0.4 percent at Rmb 17,655.



Spot copper in Changjiang is off just 0.1 percent at Rmb 71,250-71,550, so remains in a small

contango, while the LME/Shanghai arb remains negative at $190/tonne.



On balance the base metals do seem to be holding up relatively well considering the conditions

in the broader market and poor PMI data out of late. This morning the base metals are down by

around the same extent as the equities, which suggest some risk reduction, while money is

rotating into safe-haven assets, notably the precious metals and commodity currencies.


----------------------- Page 2-----------------------

If the markets become increasing nervous, which we think there is a good chance of, then we

would not be surprised to see the base metals pull back further. We doubt the US will default,

but the political impasse may well prompt some negative comments from the rating agencies.



                    Economic Agenda



              7:25 AM +/-          +/- %        Lots



Cu              9631.25     -50.75      -0.5%         1594



Al               2572.5      -17.5      -0.7%          694



Ni                23805       -145       -0.6%          59



Zn                 2452        -33      -1.3%         1529



Pb                 2681     -16.25       -0.6%         210



Sn                28250       -148      -0.5%           22



Steel Med           585          0       0.0%


                                      Economic Agenda



Time         Country    Data                                  ACTUAL      Expected  Previous



3:30am       JPY

                       BOJ Gov Shirakawa Speaks



9:30am       UK                                                          31.3K       30.5K

                       BBA Mortgage Approvals

                                                                                    -1.1



2:00pm       Eu                                                          -2.2

                       Belgium NBB Business Climate


----------------------- Page 3-----------------------

FastMarkets.com



[e-mail]

Portsoken House

155-157 Minories,London,EC3N 1LJ

t: [phone] begin_of_the_skype_highlighting                                      end_of_the_skype_highlighting

f: [phone]



TERMS AND CONDITIONS



The Terms and Conditions for this service are here.



REPRESENTATIONS AND LIABILITY



1. Fastmarkets represents that:



(i) It will supply the Services in a professional way, using the care that can be reasonably expected for this type of business, and in

accordance with the practices and policies which are commonly applicable in the information services industry:



(ii) it is duly empowered to supply the Information and Service(s) to the Client for the purposes specified in this Agreement and that the

Service(s) and its use by the Client as specified in this Agreement will not infringe any intellectual property rights of any third party.



2. Although Fastmarkets will use all reasonable endeavours to ensure the accuracy and reliability of the Services, neither Fastmarkets, the

Data Sources, or any third-party provider will be liable to the Client (or any third party) for direct, indirect or consequential loss or damage,

including but not limited to loss of data, trading or other economic losses, arising out of any reliance on the accuracy of the Information

(including but not limited to data, news and opinions) contained in the Service(s) or resulting in any way from the supply (or failure of supply)

of the Services. However, Fastmarkets accepts liability for physical loss or damage to the Site caused by its negligence or wilful misconduct.



3. Except as expressly stated in this agreement, all express or implied conditions, warranties or undertakings, whether oral or in writing, in

law or in fact, including warranties as to satisfactory quality and fitness for a particular purpose, are excluded.



4. The Client will indemnify Fastmarkets against any loss, damage or cost in connection with any claim or action that may be brought by any

third party against Fastmarkets relating to any misuse of the Services by the Client.



5. To the extent permitted by law, under no circumstances will Fastmarkets liability under this Agreement exceed the Service Fees paid to

Fastmarkets by the Client, regardless of the cause or form of action.



PRIVACY POLICY



The Fastmarkets Ltd Privacy Policy is here.



                                                   Powered by Scoop! © FastMarkets Ltd 2010