- Base metals struck session highs on fund buying during LME trading on Thursday afternoon, as a still-fragile euro and yet more bearish US data failed to push the complex to the downside, suggesting that these are now priced in at current levels.
- The number of US workers filing for new jobless benefits unexpectedly climbed last week, rising to the highest in six months at 484,000 from 479,000 in the previous month and confounding expectations for a drop to 465,000.
- The euro fell to a new low of 1.2781 after the bearish data before recovering to 1.2847, effectively unchanged from the prior session’s close and helping to prop up prices. Equities markets reflected enduring investor concerns, with the FTSE 100, DAX and CAC40 falling 0.1 percent, 0.5 percent and 0.9 percent respectively, while the Dow fell 0.7 percent in early trading.
- Copper hit a session high of $7,268.75 per tonne this afternoon before settling at $7,250, up $59. Aluminium was last at $2,157 per tonne, up $15, while tin climbed $550 to $20,400.
- Lead rose $23.75 to $2,084.75 and zinc gained $29 and $2,056 but nickel bucked the positive trend, giving up $192 to $21,503.
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