06.12.09
Platts – Whats Moving the Market?
Dateline; Friday 12-June, 2009
Platts – The McGraw-Hill Companies
Early trade Friday saw the bulk of the London Metal Exchange’s base metals complex come off highs reached in kerb trade Thursday, but maintain their new ranges, the highest seen all year. “Everything seems to be green shoots and recovery at the moment,” an LME trader told Platts. “OK, the metals are off their highs this morning but even if they are down at these numbers by the end of the day it will still be a stellar close. They have all broken through some major barriers. Dollar weakness has definitely helped push prices higher and gold is also holding quite well at the moment.” The dollar remained weak Friday despite gaining some ground on the back of profit-taking on the commodities rally which has helped push the metals to new highs. Eur1 could buy $1.4034 at 0957 GMT Friday. “There still seems to be natural fear of inflation in the markets,” the trader commented. “It does feel like we are moving back into the black.”
