January 8 base metal report
On January 8, 2016, all base metals with the exception of copper and lead on the London Metals Exchange (or LME) gained. The equities of major base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) declined to lower price levels.
LME copper continued to fall
LME 3M copper declined for the third consecutive trading day and ended the day in a loss. On January 8, LME 3M copper declined 0.86% and ended the day at $4,485 per metric ton. This is the lowest day close for copper in LME since May 2009, making it a six-and-a-half-year low.
Since November 25, LME copper has been consolidating between $4,500 per metric ton and $4,750 per metric ton. Copper started this year on a negative note by falling on the first trading session of the year, and it has declined 4.7% since the beginning of 2016. In COMEX, copper remained unchanged on Friday.
LME aluminum rose
LME 3M aluminum rose 1.2% on January 8 and ended the day at $1,492.50. This is the highest day close for LME 3M aluminum for the week.
Since the beginning of November, LME 3M aluminum has been trying to stay above the important price level of $1,500 per metric ton, but it has failed so far. Although tough aluminum started this week on a negative note, it started recovering on Wednesday, January 6.
Nickel and zinc recovered
LME 3M nickel has been consolidating for the past month. On January 8, LME 3M nickel rose 0.65% and ended the day at $8,560 per metric ton. After declining for two consecutive trading sessions, LME 3M zinc recovered on the last trading day of the week. Zinc in LME rose 0.2% on Friday, January 8, and ended the day at $1,509 per metric ton.
LME lead declined for the fifth consecutive day and ended the day at $1,621 per metric ton, a decline of 2.3%. LME 3M tin gained 0.15% on Friday and ended the day at $1,3750 per metric ton. The SPDR S&P Metals & Mining ETF (XME) declined 2.7% on January 8.