Base metals London Metal Exchange Overview Report 28 february 2011

Base metals London Metal Exchange Overview Report 28 february 2011 : Copper pushed higher to a strong close on the London Metal Exchange Friday, supported by stabilizing oil prices, though market players remain divided over the metal's prospects for the coming week. At the PM kerb close, LME three-month copper traded up 2.7% at $9,760 a metric ton. The rest of the complex also finished higher, tracking flagship copper's progress.

With the market's focus firmly on the potential inflationary impact of rising oil prices, a cooling of crude oil futures Friday lent a tailwind to the base metals. After trading at two and a half year highs Thursday, crude oil stabilized below $100 a barrel, as concern over the impact of supply disruptions in conflict-torn Libya eased.

Nymex crude oil, for April delivery, recently traded at $97.37 a barrel, up just seven cents on the day. Crude futures settled higher Friday, ending near $98 a barrel as oil markets remain focused on the violent unrest in Libya. Light, sweet crude for April delivery settled up 60 cents at $97.88 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 78 cents higher at $112.14 a barrel.

Oil prices finished the week up 14%, but the surge came amid a roller-coaster trading environment due to falling oil production in Libya. Gold futures retreated Friday as a calmer picture in the Middle East and stabilizing oil prices soother investors' nerves. The most actively traded contract, for April delivery, settled down 0.5%, or $6.50, at $1,409.30 per troy ounce on the Comex division of the New York Mercantile Exchange. For the latest updates PRESS CTR + D or visit Stock Market news Today

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