14 FEBRUARY 2014AlCircle
LME base metals close higher
Edited by : AL CIRCLE
1 min read
Base metals at London Metal Exchange(LME) closed with a higher rate, backed by an upbeat trade data of the top consumer China, while the market focus turned once again to controversial warehousing system of the bourse.
On the closure of an open-outcry trading on Wednesday, Aluminium rose to about 1.6 %to $US1, 734 a ton. The metals took strength from trade surplus of China, which widened in January to $US31.86 billion ($A35.35 billion) from $25.6 billion in December, beating economists' median forecast of a $27.1 billion surplus. This data is alleviating the fear that the Chinese economy is slowing down and so is the consumption of industrial materials and investment in commodity.
Elsewhere, the LME was back in focus after some of the aluminium industry said getting metal from some LME-listed warehouses still takes too long, despite the exchange's announced reforms to tackle the issue. On Monday, the LME said it was delisting Antwerp’s 8 warehouses operated by Impala from the exchange's licensing system. The LME also delisted 14 Vlissingen warehouses operated by Pacorini, owned by Glencore Xstrata. The announcements of the exchange gave no reasons for this delistings.
On the closure of an open-outcry trading on Wednesday, Aluminium rose to about 1.6 %to $US1, 734 a ton. The metals took strength from trade surplus of China, which widened in January to $US31.86 billion ($A35.35 billion) from $25.6 billion in December, beating economists' median forecast of a $27.1 billion surplus. This data is alleviating the fear that the Chinese economy is slowing down and so is the consumption of industrial materials and investment in commodity.
Elsewhere, the LME was back in focus after some of the aluminium industry said getting metal from some LME-listed warehouses still takes too long, despite the exchange's announced reforms to tackle the issue. On Monday, the LME said it was delisting Antwerp’s 8 warehouses operated by Impala from the exchange's licensing system. The LME also delisted 14 Vlissingen warehouses operated by Pacorini, owned by Glencore Xstrata. The announcements of the exchange gave no reasons for this delistings.
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