Base metals on January 25
On January 25, 2016, all base metals except zinc in the LME (London Metal Exchange) declined. Nickel was the biggest loser with a decline of 1.7%. Base metal miners Freeport-McMoRan (FCX) and Glencore (GLNCY) remained unchanged. Alcoa (AA) and Rio Tinto (RIO) fell 1% and 4.0%, respectively.
Copper started the week on negative note
After closing last week on a positive note, copper started this week with a loss. LME 3M copper declined 0.6% on Monday and ended the day at $4,417 per metric ton. For the past ten trading sessions, LME copper has been consolidating near $4,400 per metric ton. This is very close to the multiyear low of $4,331 per metric ton on January 15.
Since the beginning of 2016, copper has declined 6.1%. Copper in Comex declined 0.22% on Monday. LME 3M aluminum declined 0.4% on January 25 and ended the day at $1,476 per metric ton. Since January 6, LME aluminum has been consolidating between $1,450 and $1,500 per metric ton. The price of $1,450 is the nearest support level for aluminum.
Nickel and lead declined on Monday
LME 3M nickel declined 1.7% on January 25, 2016, and ended the day at $8,550 per metric ton. Last week, nickel gained 3.6% but was unable to carry the same positive momentum into the current week. The price of $8,500 is the nearest prominent support level for LME nickel.
Unlike other major base metals, LME 3M zinc gained 0.33% on Monday, January 25, and closed the day at $1,515 per metric ton. For the past eight trading sessions, zinc has been consolidating near $1,500 per metric ton.
After declining on Friday, January 22, LME 3M lead carried the same negative momentum into this week. It declined 1% on January 25 and closed the day at $1,622.50 per metric ton. The price of $1,600 per metric ton is the nearest support level for lead.
After gaining for three consecutive trading days, LME tin declined 0.11% on Monday, January 25, and ended the day at $13,675 per metric ton.