Wednesday June 20, 2:11 pm Eastern Time
COMMODITIES-Sugar at 10-1/2 high, gold eyes rally
By Adrian Dascalu
biz.yahoo.com
LONDON, June 20 (Reuters) - LIFFE sugar staged a spectacular upswing on Wednesday when panic buying pushed prices to a 10-1/2 month high, while gold was consolidating in a market anticipating a hit-and-run rally
ahead of the weekend.
London's base metals ended the day softer and traders said more losses were possible against a solidly bearish background.
BASE METALS SEEN SOFTENING FURTHER
Copper and aluminium lost steam and traders said more losses were on the cards. Three-months copper is now wallowing at its lowest price level for almost two years and its next downside target is expected at $1,580. It ended the evening kerb at $1,597, down $24 from the Tuesday floor close.
Analysts say fundamental market prospects are unpromising over the next few months, which would inhibit rallies beyond technical reactions. Aluminium closed the kerb down $20 on the day at $1,475. Tin prices fell away to hit fresh 7-1/2 year lows amid increases of warehouse inventories. The benchmark three-months tin price ended the kerb at $4,730 a tonne, down $80 from Tuesday's kerb. Nickel ended the kerb at $6,310, down $240 from the previous close while, zinc closed the day at $912, lower than its last kerb close of $921. Lead closed $3 lower at $448, while alloy was $10 easier at $1,230. |
