Spot gold prices were slightly higher yesterday as equity market
weakness and an oil rally spurred investment into bullion, balancing out the negative effects of a firmer U.S. dollar. Futures prices were
unchanged as gold for June delivery settled at $953.30 (U.S.).
CLOSING PRICES (SPOT)
Gold US$/troy ounce 950.95 -2.75
Silver US$/troy ounce 14.78 0.17
Copper US$/lb 2.11 0.00
Lead US$/lb 0.65 0.00
Zinc US$/lb 0.65 -0.02
Aluminum US$/lb 0.62 -0.02
Nickel US$/lb 6.04 0.00
Oil West Texas US$/bbl 63.45 1.91
Nat Gas Henry Hub US$ mmbtu 3.49 0.14
Nat.Gas AECO C C$/gigajoule 2.90 -0.10
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China's copper, zinc lead, imports to slow in Q3
Shanghai 27 May 2009 08:29
China's copper, lead and zinc premiums are all falling, indicating that imports are set to slow down in the third quarter. The window of arbitrage between SHFE and LME has closed for lead and zinc, and is closing for copper. Copper premiums for June delivery were quoted as low as $75 per tonne this week, down from the record high of $200 per tonne in March, while lead and zinc have not been traded in at least two weeks. "If it wasn't for arbitrage, we wouldn't import copper at all," said a physical trader in Shanghai. "To be frank, it is risky to import copper when it's the country's off-season for copper consumption." “June and July is the summer season.
