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January 2012 Market ReportFriday, January 6, 2012On Friday, better than expected jobs numbers in the U.S. were offset by continued economic concerns in Europe as base metal prices opened the day mixed. At $7,540/mt, Reuters reports that LME official 3-mo. copper was up from yesterday's official price but little changed from Thursday's close, while official 3-mo. aluminum firmed to $2,039/mt this morning after Alcoa announced a 12% reduction in smelter capacity. In New York, commodity markets bounced around as COMEX copper for March delivery was off this morning but recovered to around $3.43/lb. this afternoon, while crude oil prices retreated below $102/bbl. Following gains earlier in the day in Europe, U.S. stocks were in negative territory for most of the day Friday, with the S&P 500 down around a quarter percentage point in early afternoon trading as the Euro dipped briefly below the $1.27 mark. Monday, January 9, 2012In the absence of major economic news, commodity prices got off to a slow start this week with base metal prices flat to weaker in Shanghai and mixed in London. At the LME this morning, official 3-mo. copper eased to $7,508/mt while zinc firmed to $1,868/mt and official 3-mo. aluminum advanced to $2,079.50/mt, rising above $2,100/mt in afternoon trading, Reuters reports. In New York, COMEX March copper was off 1% late this morning to just under $3.40/lb. while crude oil and gold futures softened below $101/bbl and $1,615/to, respectively. On Wall Street, stocks lacked direction as the Dow Industrials opened in positive territory but pulled back later in the morning. In currency markets, the Euro rebounded from a low of $1.2675 this morning to over $1.273 while the Swiss Franc climbed higher following the announced resignation of the Swiss National Bank chairman. Friday, January 13, 2012
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