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Base Metals Gained Last Week

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Base metals mostly rose

In the week ended January 30, 2016, with the exception of nickel, the base metals moved to higher price levels. Base metal miners Rio Tinto (RIO), BHP Billiton (BHP), Alcoa (AA), and Freeport-McMoRan (FCX) gained 3.7%, 2%, 6.11%, and 16.75%, respectively, in the last week.

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Copper and aluminum gained last week

LME 3M copper continues to gain and closed positive in the week ended on January 30. Last week, copper gained in three out of five trading sessions and ended higher. LME 3M copper gained 2.66% and ended the week at $4,561 per metric ton. This is the highest weekly close for copper in LME for the last four weeks. Since the beginning of 2016, the LME 3M copper declined 3.06%. Copper in COMEX gained 3.22% last week.

LME 3M aluminum gained for the second consecutive week and ended the week above the important price level of $1,500 per metric ton. In the week ended on January 30, LME 3M aluminum gained 2.53% and ended the week at $1,519 per metric ton.

This is the highest weekly close for aluminum in the past five weeks. Last week, aluminum gained in three out of five trading sessions. The price level $1,550 per metric ton is the nearest resistance level for aluminum.

LME nickel declined last week

LME 3M nickel declined 0.92% in the week ended on January 30. Last week, LME 3M nickel declined in three out of five trading days and closed at $8,620 per metric ton. In January, LME 3M nickel declined by 2.27%.

LME 3M zinc gained for the second consecutive week. In the week ended January 30, LME 3M zinc gained 7.48% and closed the week at $1,623 per metric ton. This is the highest day close for zinc since December 30, 2015, which makes it a one-month low. Last week, zinc gained in four out of five trading days.

LME 3M lead gained for the second consecutive trading week and ended last week at $1,718 per metric ton.

Similar to lead, LME 3M tin gained for the second consecutive week and ended the week at $14,850 per metric ton, a gain of 8.47%. Last week, the SPDR S&P Metals & Mining ETF (XME) gained 12.81%.

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