Metals continue to rise
After closing last week with gains, base metals continued to surge on Monday, February 8. All base metals except copper rose on the LME (London Metal Exchange). Tin was the biggest gainer of all on the LME, with a rise of 3.5% on Monday.
Copper: the lone loser among base metals
LME 3M (three-month) copper fell for the second consecutive trading day on Monday. Copper fell 0.42% and closed the day at $4,610.5 per metric ton. On Monday, copper drifted below the support level of $4,600 per metric ton but recovered to close above it. On January 15, copper hit a multiyear low of $4,331 per metric ton. Copper has recovered and risen 6.5% from that low. On Monday, COMEX copper also fell 0.6%.
LME aluminum rose on Monday and started the week on a positive note. LME 3M aluminum rose 0.2% and ended the day at $1,502 per metric ton. On Monday, aluminum traded below the important support level of $1,500 per metric ton but recovered to close the day above it. The price levels of $1,500 per metric ton and $1,550 per metric ton are the nearest prominent support and resistance levels, respectively, for aluminum.
Nickel and zinc gained on Monday
After falling to a 13-year low, LME 3M nickel recovered on Monday. On February 8, LME 3M nickel rose 0.67% and ended the day at $8,215 per metric ton. On Monday, nickel broke the support level of $8,000 per metric ton but recovered and closed above it.
After breaking the gaining streak and falling on Friday, LME 3M zinc recovered on Monday. LME 3M zinc rose 2.7% and ended the day at $1,723 per metric ton. This was the highest closing price for zinc since October 28, 2015. LME 3M lead rose 3.1% on February 8 and ended the day at $1,824 per metric ton. LME 3M tin rose 3.5% and closed the day at $15,675 per metric ton.
The major base metal miners Freeport-McMoRan (FCX) and Alcoa (AA) fell 7.2% and 2.7%, respectively, whereas Glencore (GLNCY) and BHP Billiton (BHP) rose 2.8% and 0.6%, respectively, on Monday. The SPDR S&P Metals and Mining ETF (XME) fell 1.7% on the day.