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Base metals are losing in price

27 February 2013
Base metals are losing in price

Basic non-ferrous metals on international exchanges

continue to become cheaper. So the weighted average cash price of aluminium by Tuesday night

26 Feb «thin» (relative to the figures Monday) at 1.65%, to 1971

US dollar per ton. The price of Nickel decreased by 1.1%, reaching the level of 16525

USD/

t.

The same percentage fell copper and lead, whose prices were fixed at

indicators and 7785 $ 2281. respectively. The least regression of indicators of

basic non-ferrous metals on this day showed zinc and tin whose prices have weakened

just 0.5%. The cost of the first of these resources when cash settlement is focused

at around $2070 per 1000 kilograms, the second — ranged metric 23175 us

dollars per ton.

According to analysts, the downward trend in prices

for non-ferrous metals due to several macroeconomic factors. The most important of

negative dynamics of the value of the Euro against the U.S. dollar: in the balance

this currency pair observed a record-low (a tenth of January) quotes

European money — at the level of 1,305 USD for 1 Euro. A «behavior»

currency units, in turn, is the market’s reaction to news about lowering of expectations

GDP in the Euro area and news on the parliamentary elections in Italy, which

can turn to Republic is even more complicated political situation than

before the re-election of the government.

Another important factor in reducing prices for non-ferrous

metals — the lack of a long-awaited signs of revival of demand from the Chinese

buyers with a parallel increase of the surplus of resources in warehouses. «Contrary to forecasts

analysts are counting on a new beginning of a cycle of replenishment of consumers

from China at the end of holidays, significant changes in the Asian sector

7 days have not shown» — commented current situation of the traders in the market of nonferrous metals.

«In addition, for the near future businessmen from China look without

much optimism, evidence of which is the purchasing managers ' Index (PMI),

published recently by specialists of „HSBC Holdings plc“. In February, its level

was 50.4%, which is the lowest level for the period from mid-autumn

last year» — sums up the experts.

25 February 2013
1 March 2013