On the whole, all the base metals fell last week as demand worries intensified after worse than expected employment data in the United States.
US labor department said on Friday that US employers cut a more-than-expected 190,000 jobs last month, taking the unemployment rate to 10.2%, the highest in 26 1/2 years.
It seems that the US economy is not recovering at the pace everyone would like it to and fundamentals are beginning to weigh on people's minds, with rising stocks seeping into the market.
To compound the problem, dollar rose against the euro and a basket of currencies in volatile post data trade. A stronger dollar makes dollar priced metals more expensive for non US investors.
London Metal Exchange Rates
Cash Buyer
| Product | 29-Oct | 05-Jan | Change | % |
| Zinc | 2207 | 2185 | -22 | -1% |
| Nickel | 18455 | 17805 | -650 | -4% |
| Tin | 15300 | 15000 | -300 | -2% |
| Aluminium | 1899 | 1885 | -14 | -1% |
| Copper | 6424 | 6527 | 103 | 2% |
Change is on November 5th as compared to October 29th 2009
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
| 29-Oct | 02-Nov | 03-Nov | 04-Nov | 05-Nov |
| 2207 | 2144 | 2145 | 2201 | 2185 |
In USD per tonne
| Date | Rate | Period | Change |
| 05-Nov | 2185 | | |
| 29-Oct | 2207 | WoW | -0.97% |
| 05-Oct | 1854 | MoM | 17.85% |
| 05-Aug | 1669 | QoQ | 30.92% |
| 05-Nov'08 | 1135 | YoY | 92.51% |
2. Nickel
London Metal Exchange Rates
Cash Buyer
| 29-Oct | 02-Nov | 03-Nov | 04-Nov | 05-Nov |
| 18455 | 18165 | 17800 | 18160 | 17805 |
In USD per tonne
| Date | Rate | Period | Change |
| 05-Nov | 17805 | | |
| 29-Oct | 18455 | WoW | -3.52% |
| 05-Oct | 17100 | MoM | 4.12% |
| 05-Aug | 16845 | QoQ | 5.70% |
| 05-Nov'08 | 11805 | YoY | 50.83% |
3. Tin
Cash Buyer
| 29-Oct | 02-Nov | 03-Nov | 04-Nov | 05-Nov |
| 15300 | 14850 | 14695 | 14950 | 15000 |
In USD per tonne
| Date | Rate | Period | Change |
| 05-Nov | 15000 | | |
| 29-Oct | 15300 | WoW | -1.96% |
| 05-Oct | 14550 | MoM | 3.09% |
| 05-Aug | 14605 | QoQ | 2.70% |
| 05-Nov'08 | 15225 | YoY | -1.48% |
The Kuala Lumpur Tin Market is expected to continue its bearish sentiment this week as the underlying fundamentals remain weak. In the absence of fresh, market moving factors, the metal is expected to hover around the USD 14,890 per tonne level throughout the week.
Against this backdrop, buyers are expected to take on a cautious stance while sellers would abstain from making large offers, in anticipation of higher prices. European, Japanese and local buyers are expected to dominate trade, which may also see a technical correction as the metal price has risen too fast.
4. Aluminium
Cash Buyer
| 29-Oct | 02-Nov | 03-Nov | 04-Nov | 05-Nov |
| 1899 | 1869 | 1869 | 1892 | 1885 |
In USD per tonne
| Date | Rate | Period | Change |
| 05-Nov | 1885 | | |
| 29-Oct | 1899 | WoW | -0.74% |
| 05-Oct | 1760 | MoM | 7.13% |
| 05-Aug | 1819 | QoQ | 3.66% |
| 05-Nov'08 | 1990 | YoY | -5.28% |
5. Copper
London Metal Exchange Rates
Cash Buyer
| 29-Oct | 02-Nov | 03-Nov | 04-Nov | 05-Nov |
| 6424 | 6473 | 6395 | 6570 | 6527 |
In USD per tonne
| Date | Rate | Period | Change |
| 05-Nov | 6527 | | |
| 29-Oct | 6424 | WoW | 1.60% |
| 05-Oct | 5856 | MoM | 11.46% |
| 05-Aug | 5496 | QoQ | 18.75% |
| 05-Nov'08 | 4230 | YoY | 54.29% |
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(Sourced from www.steelprices-india.com)
