Metal Investments

Dollar Reversal?

29. April 2008

Monday, 11:40am GMT


  • The dollar rose against the euro and near a two-month high against the yen on speculation the Federal Reserve will tomorrow decide to make a pause in interest rate cuts.

  • Oil fell to $118 on Tuesday after hitting a record on Monday. Grangemouth Refinery in Scotland reopened from a two day strike that had shut down a pipeline that carries about half of Britain's crude supply

  • LME base metals are down this morning with Copper trading at $8600 and waiting for direction. LME Copper stocks are down by 675 tons to 109,650 tons.

  • UN officials on Monday blamed market speculators for the recent jump in global food prices and called for a concerted effort to ensure the World's poor can afford to feed themselves.

  • Aluminium is at $2986 with LME stocks down by 450 tons to 1,042,825 tons. Again sustained close below $3000 will indicate losses to $2800.

  • Gold is at $885.85 down $7 this morning

  • The FTSE 100 index is up 20 points to 6110 as shares in oil majors BP and Royal Dutch Shell surged after the pair smashed City expectations for first quarter results.

    LME Metals 3 Month Prices, 13:47pm GMT

    Bid Offer ||||| Change *
    Copper $8535 $8539 - $93
    Aluminium $2985 $2986 - $28
    Lead $2728 $2737 - $37
    Zinc $2251 $2259 - $36
    Nickel $28405 $28500 - $700
    Tin $23750 $23810 - $140

    * Change from previous day's close