Base metals recovered
After a string of losing days, base metals recovered on January 13, 2016. Except for tin, all of the base metals rose on January 13 in the LME ( London Metal Exchange). LME 3M Zinc was the biggest gainer for base metals on January 13. It rose by 1.8%.
Copper broke its losing streak
After falling for five consecutive trading sessions and reaching April 2009 lows, copper rose on January 13. LME 3M Copper rose by 0.9% and ended the day at $4,392 per metric tonne. Copper in the LME has been in a complete downtrend since the beginning of 2016. It fell by 6.7%. In COMEX, copper fell by 0.15% on January 13. LME 3M Aluminum rose by 0.83% and ended the day at $1,462 per metric tonne. Aluminum has been falling since the beginning of this week. It reached a six-week low but recovered on January 13. Aluminum is trading close to a multiyear day close at $1,435.50 per metric tonne.
Nickel and zinc rose
After trading at a 12.5-year low on January 12, LME 3M Nickel recovered on January 13. LME 3M Nickel rose by 1.8% and closed at $8,390 per metric tonne. Since the beginning of 2016, LME Nickel fell by 4.9%. After closing at July 2009 lows, zinc recovered on January 13. LME 3M Zinc rose by 1.8% on January 13 and ended the day at $1,495 per metric tonne. Zinc has been carrying a negative sentiment since the beginning of this year. It fell by 7% since the beginning of 2016. LME 3M Zinc rose by 1.3% on January 13. It ended the day at $1,628 per metric tonne. This week, the price level of $1,600 per metric tonne acted as a support level for lead.
Base metal miners’ equities drifted to lower price levels on January 13. Base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) fell by 9%, 1.2%, 2%, and 1.3%, respectively, on January 13. The SPDR S&P Metals & Mining ETF (XME) fell by 2%. The Power-Shares DB Base Metals Fund (DBB) rose by 0.73% on January 13.