Metal Investments

Oil sets New Record

28. April 2008

Monday, 11:25am GMT


  • US light crude set the record high at $119.93 a barrel despite strong dollar performance on Friday

  • LME base metals are up this morning with Copper still being supported by strike in Chile. The strike in Chile largest copper producer entered its 13th day on Monday. Codelco's Andina and Salvador divisions remained shut.

  • Investors expect now that the U.S. Federal Reserve will cut rates by a quarter percentage point from the current 2.25 percent

  • Aluminium is at $3008 and looking for direction. We believe that sustained close below $3000 will indicate losses to $2800.

  • Gold is at $892.55

  • The FTSE 100 index is up 41 points to 6132. The record oil prices helped to boost energy companies.

    LME Metals 3 Month Prices, 11:32am GMT

    Bid Offer
    Copper $8615 $8630
    Aluminium $3006 $3008
    Lead $2765 $2770
    Zinc $2312 $2318
    Nickel $29300 $29425
    Tin $23800 $23900