Metals Swing Between Gains, Losses as Investors Await U.S. Data Industrial metals swung between gains and losses as investors awaited the release of U.S. consumer prices and industrial production data later today and Federal Reserve’s next move on stimulus. Copper for delivery in three months on the London Metal Exchange was little changed at $6,925 a metric ton at 9:40 a.m. in Shanghai after gaining as much as 0.6 percent. Aluminum, lead, nickel and tin were little changed. Zinc fell 0.2 percent. The U.S. is going to report June consumer price indexes and industrial production later today. Federal Reserve Chairman Ben S. Bernanke is scheduled to testify before a congressional committee tomorrow, after saying last week that “highly accommodative monetary policy for the foreseeable future is what’s needed.” “Copper is still seeking direction as market focus is on the timetable of the U.S.’s exit of stimulus policies,” said Xiong Dabiao, an analyst at Minmetals Futures Co. in Shanghai. “People are also watching U.S. economic data, hoping to find clues on what Bernanke plans to do.” Copper for delivery in September on the Comex fell 0.2 percent to $3.1380 a pound. Metal for delivery in November on the Shanghai Futures Exchange declined 0.2 percent to 49,790 yuan ($8,111) a ton.
Posted on: Tue, 16 Jul 2013 03:19:56 +0000
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