January 2012 | Base Metals
Consolidation likely to be followed by fresh weakness : Market Summary
The base metals continued to rally last week, with gains from the mid-December lows reaching more than 30% in some markets. However, although surging cancelled warrants appear to be offering continuing support, prices have pulled back to consolidate now. We expect consolidation to be followed by fresh weakness.
Aluminium: The rally has halted for now and prices are slipping. Alloy prices are holding up well, but for both alloy and primary we think prices will be heading lower again before long, as we expect the economic background to remain bearish.Copper: The fall in LME stocks continues to provide some support for copper prices, but the fact that China did not take up the baton on its return from holiday on...
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