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| Monday Market Monitor - Metals (WEEK 05) - Down on currency woes - 08 Feb, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Base metal prices, except nickel, continue to plunge last week as growing concerns over the euro zone's fiscal health and tighter monetary policy in top consumer China drove investors away into the safety of the US dollar. The euro plunged to a more than eight month low against the dollar on concerns over the fiscal health of debt laden countries such as Greece, Portugal and Spain. A rising US currency makes commodities priced in dollars more expensive for holders of other currencies. Analysts said Chinese business conditions could further slow with the onset of the New Year holiday, set to begin on February 14th 2010. Mr Justin Lennon analyst with Mitsui Bussan Inc said “Combined with the fact that China's cash flows are being constrained through bank credit restrictions, they are probably also seeking to hold their cash flows in because it's the end of their year.” London Metal Exchange Rates Cash Buyer
Change is on February 4th as compared to January 28th 2010 In USD per tonne 1. Zinc London Metal Exchange Rates Cash Buyer
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In USD per tonne 2. Nickel London Metal Exchange Rates Cash Buyer
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In USD per tonne 3. Tin London Metal Exchange Rates Cash Buyer
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In USD per tonne 4. Aluminium London Metal Exchange Rates Cash Buyer
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In USD per tonne 5. Copper London Metal Exchange Rates Cash Buyer
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In USD per tonne To know more details on steel and metal prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details. This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available. (Sourced from www.steelprices-india.com) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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