Yahoo Finance Tin Was the Only Base Metal That Didn’t Disappoint Yesterday
Why Tin Was the Only Base Metal not to Disappoint on Tuesday
Copper keeps falling
LME 3M copper fell for the third consecutive trading day. On February 9, LME 3M copper fell 2.2% and closed the day at $4,509 per metric tonne. This level is the lowest daily close for copper on the London Metal Exchange since January 25. On Tuesday, copper broke the $4,500 per metric tonne level but recovered to close higher. $4,400 per metric tonne is the nearest possible support level for LME copper.
Since the beginning of 2016, copper on the LME has fallen 4.2%. On January 15, copper hit a multiyear low of $4,331 per metric tonne. It’s currently trading 4.1% higher. On Tuesday, Comex copper fell 2.4%.
Aluminum and nickel fell
LME 3M aluminum fell 1.4% on February 9 and closed the day at $1,481 per metric tonne. On Monday, aluminum broke $1,500 per metric tonne and recovered, but it closed below $1,500 per metric tonne on Tuesday. $1,450 per metric tonne is the next support price level for aluminum. This level is the lowest daily close for aluminum on the London Metal Exchange since January 25.
LME 3M nickel fell 1.5% on Tuesday and closed the day at $8,090 per metric tonne. This level is the lowest daily close for nickel since January 2003—a 13-year low. Since the beginning of 2016, LME nickel has fallen 8.3%.
Tin was the only gainer on Tuesday
LME 3M zinc fell 2.3% on February 9 and closed the day at $1,684 per metric tonne. For the past four trading days, zinc has been consolidating near $1,700 per metric tonne. LME 3M lead fell 0.77% on Tuesday and closed at $1,810 per metric tonne.
LME tin rose 0.22% and ended the day at $15,710 per metric tonne.
The Power-Shares DB Base Metals Fund (DBB) fell 2.2% on Tuesday. Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) fell 5.1%, 6.5%, 1.1% and 4.1%, respectively.
Next, we’ll take a closer look at base metal stocks.
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