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Base Metals Continue to Trade Higher

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Base metals

After trading higher on December 18, all of the base metals except tin carried the same positive momentum to this week. They started the week with gains. LME 3M Lead was the biggest base metal gainer. To rose by 2.7% on December 21.

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Copper is trading at a 1.5-month high

After rising 3% on Friday and ending the week on a positive note, copper continued to rise on Monday. LME 3M Copper rose by 1.1% on Monday. It ended the day at $4,738 per metric tonne. This is the highest day close for LME 3M Copper since November 13. It was a 1.5-month high. The copper in COMEX rose by 1.3% on Monday. After trying and failing to close above $1,500 per metric tonne for nine consecutive days, LME 3M Aluminum closed above $1,500 per metric tonne on Friday and Monday. On December 21, LME 3M Aluminum rose by 0.5%. It ended the day at $1,513 per metric tonne. This is the highest day close for aluminum in the past two weeks.

Nickel and zinc started the week with gains

LME 3M Nickel rose for the second consecutive day. It traded close to the psychological price level of $9,000 per metric tonne. Nickel rose by 1.4% on Monday. It ended the day at $8,890 per metric tonne. After ending the day at lowest day close since July 2009 on December 17, Zinc recovered on Friday. It closed above $1,500 per metric tonne. LME Zinc carried the same momentum to this week. LME 3M Zinc rose by 1.1% on Monday. It ended the day at $1,533 per metric tonne. For the past ten trading days, LME 3M Tin has been consolidating at $14,500 per metric tonne. On Monday, LME 3M Tin fell by 0.65% to $14,650 per metric tonne.

Lead closed above $1,700 per metric tonne

After falling for three consecutive days, lead recovered on Friday. It continued to gain on Monday. It closed above the psychological price level of $1,700 per metric tonne. LME 3M Lead rose by 2.7% on December 21. It closed the day at $1,725 per metric tonne. The major base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) rose on Monday. The SPDR S&P Metals & Mining ETF (XME) rose by 1.2% on December 21.

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