View Full Version : Metals trading turns choppy in PM, data and Bernanke comments spice up activity

08-28-2010, 07:41 PM
Metals trading turns choppy in PM, data and Bernanke comments spice up activity

- Base metals trading became increasingly choppy during the afternoon sessions, with volumes likewise picking up in reaction to a string of US economic reports and a much-awaited speech by US Federal Reserve chairman Ben Bernanke. Fluctuations also reflected end-week position squaring and covering ahead of the long UK bank holiday weekend.

- In a speech at the annual central bank meeting, Bernanke said the recovery has softened more than expected and that the Fed is ready to take further steps if needed to spur the stumbling economy. Earlier, the final data series of the week was flat: the UoM consumer sentiment index came in at 68.9 against a predicted 69.8, albeit above the previous reading of 67.8. US second-quarter GDP was revised down to 1.6 percent annualised growth from the first estimate of 2.4 percent, much as expected.

- Copper sped up to $7,377.75 per tonne, the highest for around a week, before settling at $7,360, up $55 and maintaining the technical bounce from the previous day. Aluminium broke out of its tight intraday range to hit atheday's best of $2,040, up $18. In the spread, cash/September traded at $7.00 backwardation.

- Zinc rose to $2,074, a $24 advance, while lead reached $2,050, up $25. Nickel business at $20,930 was up $480.

(Editing by Mark Shaw)
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08-29-2010, 01:41 PM
more printing?