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AMT Review (12-22)
The following is a daily review of metals trading published on December 22 by Amalgamated Metal Trading Limited (AMT), a leading brokerage of the London Metal Exchange (LME). Copper: Affected by Far Eastern sell-off and profit-taking, copper prices failed to rise above the resistance level at 3155/65 US dollars and retracement at midday. The trading range for the 23rd is expected to be 3050-3150 USD. Aluminium: Boosted by technical buying, aluminum prices rose to an intraday high of US$1920. It is recommended that the market outlook be low to absorb. Zinc: Not available. Tin: After being pressured by selling pressure, the price of tin fell on the same day and heavy pressure was thrown in the afternoon. It is expected that the market will test the $8,000 mark. Nickel: Not available. Lead: Lead prices were flat on the day. It is expected that there will be limited upside. Date:2004-12-23