Base metals lost grounds on LME last week, except for zinc and tin which posted gains on supply side issues
Monetary measures by European Central Bank (on Thursday brought buying interest back in risky assets like Copper. Tensions eased somewhat after ECB announced a 25 basis points cut in the interest rates to 1.25 percent bringing focus back on growth rather than inflation. The ongoing Greece crisis seemed to motivate the move of rise of rates.
In Greece, the much hyped referendum on the bailout package was thrashed by the opposition. Greece Prime Minister Mr George Papandreou was made to come on the back foot and anticipation of referendum being axed gave markets its cheer pill.
Rio Tinto Chairman Jan du Plessis at Australian Institute of Company Directors said that US had a better chance of recovery from the economic crisis than Europe. The reason of US recovering faster was single government control. Mr Plessis mentioned that the debt in Unites States was denominated in its own currency the USD.
London Metal Exchange Rates
Cash Buyer
| Product | 27-Oct | 03-Nov | Change | % |
| Zinc | 1880 | 1922 | 42 | 2% |
| Nickel | 19750 | 18695 | -1055 | -5% |
| Tin | 21845 | 22080 | 235 | 1% |
| Aluminium | 2234 | 2123 | -111 | -5% |
| Copper | 8039 | 7845 | -195 | -2% |
Change is on Nov 3rd as compared to 27th Oct 2011
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
| 27-Oct | 31-Oct | 01-Nov | 02-Nov | 03-Nov |
| 1880 | 1918 | 1870 | 1915 | 1922 |
In USD per tonne
| Date | Rate | Period | Change |
| 03-Nov | 1922 | | |
| 27-Oct | 1880 | WoW | 2.21% |
| 04-Oct | 1835 | MoM | 4.71% |
| 03-Aug | 2362 | QoQ | -18.63% |
| 03-Nov'10 | 2426 | YoY | -20.80% |
In USD per tonne
2. Nickel
London Metal Exchange Rates
Cash Buyer
| 27-Oct | 31-Oct | 01-Nov | 02-Nov | 03-Nov |
| 19750 | 19220 | 18595 | 18650 | 18695 |
In USD per tonne
| Date | Rate | Period | Change |
| 03-Nov | 18695 | | |
| 27-Oct | 19750 | WoW | -5.34% |
| 04-Oct | 18380 | MoM | 1.71% |
| 03-Aug | 23875 | QoQ | -21.70% |
| 03-Nov'10 | 23620 | YoY | -20.85% |
In USD per tonne
3. Tin
London Metal Exchange Rates
Cash Buyer
| 27-Oct | 31-Oct | 01-Nov | 02-Nov | 03-Nov |
| 21845 | 21870 | 21525 | 21600 | 22080 |
In USD per tonne
| Date | Rate | Period | Change |
| 03-Nov | 22080 | | |
| 27-Oct | 21845 | WoW | 1.08% |
| 04-Oct | 20300 | MoM | 8.77% |
| 03-Aug | 26700 | QoQ | -17.30% |
| 03-Nov'10 | 25750 | YoY | -14.25% |
In USD per tonne
4. Aluminium
London Metal Exchange Rates
| 27-Oct | 31-Oct | 01-Nov | 02-Nov | 03-Nov |
| 2234 | 2186 | 2091 | 2103 | 2123 |
In USD per tonne
| Date | Rate | Period | Change |
| 03-Nov | 2123 | | |
| 27-Oct | 2234 | WoW | -4.95% |
| 04-Oct | 2132 | MoM | -0.42% |
| 03-Aug | 2529 | QoQ | -16.05% |
| 03-Nov'10 | 2401 | YoY | -11.58% |
In USD per tonne
5. Copper
London Metal Exchange Rates
Cash Buyer
| 27-Oct | 31-Oct | 01-Nov | 02-Nov | 03-Nov |
| 8039 | 7900 | 7655 | 7912 | 7845 |
In USD per tonne
| Date | Rate | Period | Change |
| 03-Nov | 7845 | | |
| 27-Oct | 8039 | WoW | -2.42% |
| 04-Oct | 6784 | MoM | 15.63% |
| 03-Aug | 9549 | QoQ | -17.85% |
| 03-Nov'10 | 8400 | YoY | -6.61% |
In USD per tonne
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