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Friday, February 4, 2011

Base metals closed mostly lower on the London Metal Exchange Thursday

Base metals closed mostly lower on the London Metal Exchange Thursday : Base metals closed mostly lower on the London Metal Exchange Thursday, as an early complex-wide rise proved unsustainable amid weak physical demand from key consumer China. Copper, which reached a much anticipated record high of $10,000 a metric ton in morning European trade, closed the day down 0.2% at $9,930/ton.

Tin also retreated after setting fresh highs earlier in the day, closing at $30,600/ton, down 0.2% on the day, after peaking at $30,920/ton. Thinly traded tin has benefited from supply constraints in key production areas and strong demand from the electronics industry. < Crude futures turned lower Thursday as the U.S. dollar rallied, but traders remained focused on escalating violence in Egypt and the prospect of supply disruptions. Light, sweet crude for March delivery settled 32 cents lower at $90.54 a barrel on the New York Mercantile Exchange.

Oil prices headed into negative territory after the U.S. dollar climbed on data showing higher service sector activity last month. Gold futures jumped to their strongest price in two weeks as Federal Reserve Chairman Ben Bernanke pointed toward continued easy money policy. The most actively traded gold contract, for April delivery, rose $20.90, or 1.6%, to its strongest settlement since Jan. 19 $1,353 a troy ounce on the Comex division of the New York Mercantile Exchange. Nearby February gold also closed at two-week highs, rising $20.80 to $1,352.30. For the latest updates PRESS CTR + D or visit Stock Market news Today

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