Base metals gain
In the week ended December 26, the major base metals gained. Copper, aluminum, zinc, and lead ended the week with gains, whereas nickel and tin fell. LME (London Metal Exchange) 3M lead was the biggest gainer of base metals, with a gain of 3.9%.
LME 3M copper consolidated in the week ended December 26. Since the last week of November to the week before last week, LME 3M copper consolidated near $4,500 per metric ton. LME copper shifted from the consolidating zone to higher price levels this week. LME 3M copper rose 0.15% this week and ended the week at $4,692 per metric ton. COMEX copper gained 0.5% last week. LME 3M aluminum rose for the second consecutive week and successfully stayed above the psychological price level of $1,500 per metric ton. Aluminum gained 1.8% last week and ended the week at $1,533 per metric ton.
Nickel stays below $9,000
LME 3M nickel has been consolidating for the past 13 trading sessions. In the week ended December 26 and for the past six weeks, nickel has failed to close above $9,000 per metric ton. LME 3M nickel fell 1.4% last week and ended the week at $8,640 per metric ton. Zinc gained for 50% of the trading session in the week ended December 26 and ended the week with gains. LME 3M zinc rose 2.2% last week and ended the week at $1,549 per metric ton. The price level of $1,600 per metric ton is the next prominent resistance for LME 3M zinc.
Lead was the biggest gainer
Lead gained in three out of four trading sessions last week and stood as the biggest gainer in base metals. LME 3M lead gained 3.9% last week and closed at $1,744. LME 3M tin fell by 1.3% last week and ended the week at $14,555. The equities of miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and Rio Tinto (RIO) gained last week. The SPDR S&P Metals and Mining ETF (XME) gained 8.8% in the week ended December 26.