Base metals continue to rise
Base metals found some relief on January 13, 2016. They carried the same positive sentiment to January 14. On January 13, all of the base metals rose in the LME (London Metal Exchange). Miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) rose by 12.2%, 10.2%, 1.5% and 6.4%, respectively, on January 14.
Copper and aluminum rose
After recovering from multiyear lows on January 13, copper continued to rise. On January 14, LME 3M Copper rose by 0.54% and ended the day at $4,415.5 per metric tonne. Copper’s movements have been weak since the beginning of the year. Copper fell by 6.2% since the beginning of 2016. The price level of $4,500 per metric tonne is the nearest resistance price level for copper in the LME. In COMEX, copper fell by 1% on January 14. LME 3M Aluminum rose by 1.4% on January 14 and ended the day at $1,482.50 per metric tonne. This is the second consecutive trading day that aluminum rose in the LME. The price level of $1,500 per metric tonne is the next resistance level for LME 3M Aluminum.
Nickel was the biggest gainer
Similar to copper and aluminum, LME 3M Nickel also rose for the second consecutive trading day. On January 14, LME 3M Nickel rose by 2.2% and ended the day at $8,575 per metric tonne. This is the highest day close for nickel since January 6. It’s a one-week high. Since the last week of November, LME 3M Nickel has been trying and failing to close above $9,000 per metric tonne. It’s the next prominent resistance level for nickel. LME 3M Zinc rose by 1% on January 14 and ended the day at $1,511 per metric tonne. On January 13, zinc recovered from multiyear low price levels. It carried the same positive momentum on January 14. LME 3M Lead remained almost unchanged. It rose by 0.06% and closed the day at $1,629 per metric tonne.
In the LME, tin rose by 0.34% on January 14 and ended the day at $13,350 per metric tonne. The Power-Shares DB Base Metals Fund (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose by 1.4% and 1%, respectively, on January 14.