MB: Metals prices retreat as European issues fester
Analyst Ed Meir looks at what is moving the metals markets on Monday September 24.
Copper and general commentary: Metals prices finished higher on Friday in very quiet trading as a slight improvement in the euro and hopes for some sort of announcement from Spain helped keep most complexes relatively steady. Lead was particularly strong, hitting its highest level in eight months, as inventories continued to fall, now off by some 20% since late June. As we start the new week, we are seeing a decent-sized correction in most complexes. Once again, it is questions about Europe that seem to be knocking the markets back, as investors are concerned that another weekend has come and gone without the Spanish asking for bailout money. The Financial Times reported last Friday that some sort of plan was imminent and the story was greeted positively by investors, since such a scenario would give the ECB the green light to buy Spanish bonds if necessary. In the meantime, talk about...