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Metals X (MLX) are currently producing tin from a mine in QLD and shortly may have 3 producing mines, with the addition (re-start) of Renison and Mt Bischoff in Tas. Have a look at the MLX thread.
Tin and Lead - Best Base Metals for 2007
- Thread starter BREND
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Lead rose to a record in London after production was disrupted at a U.K. refinery operated by Swiss miner Xstrata Plc and stockpiles of the metal declined.
Xstrata maintained ``force majeure'' at its Northfleet plant after ore supplies from Australia were delayed following a cyclone last month. Force majeure is a legal clause that allows a company to default on a sales contract due to circumstances beyond its control.
Inventories monitored by the London Metal Exchange fell by 825 metric tons to 32,475 tons, the lowest since June, 2005, the LME said in a daily report.
``The Xstrata news has had an impact because it's not a very liquid market and it doesn't take much buying to drive the price,'' Michael Jansen, a London-based strategist at JPMorgan Securities Ltd. said by telephone.
Lead for delivery in three months on the LME rose $25, or 1.4 percent, to a record $1,810 a ton as of 12:38 p.m. local time. It has gained 8.7 percent this year.
Copper was little changed amid signs of improved demand from Chinese buyers ahead of the week-long Lunar New Year holiday period. Markets in China, the world's largest consumer of the metal used in pipes and wires, are closed and will reopen on Feb. 26.
Imports of copper and copper products jumped 44 percent in January from a year earlier, customs data showed on Feb. 12. Chinese refined-copper imports in January were about 132,000 tons, almost double the average monthly imports of 69,000 tons recorded in 2006, Macquarie Bank Ltd. said in a report today.
Copper was unchanged at $5,810 a ton.
Among other LME-traded metals, tin gained $105 to $13,250, close to its 17-year high of $13,300 recorded on Feb. 16. Zinc advanced $30, or 0.9 percent, to $3,410, nickel fell $25 to $38,875 and aluminum dropped $5 to $2,790.
Lead has low inventory level, any supply disruption will push the price up easily.
I mentioned in the early part of 2007 that tin and lead are my top picks for metals. Today their price had risen so much!
Xstrata maintained ``force majeure'' at its Northfleet plant after ore supplies from Australia were delayed following a cyclone last month. Force majeure is a legal clause that allows a company to default on a sales contract due to circumstances beyond its control.
Inventories monitored by the London Metal Exchange fell by 825 metric tons to 32,475 tons, the lowest since June, 2005, the LME said in a daily report.
``The Xstrata news has had an impact because it's not a very liquid market and it doesn't take much buying to drive the price,'' Michael Jansen, a London-based strategist at JPMorgan Securities Ltd. said by telephone.
Lead for delivery in three months on the LME rose $25, or 1.4 percent, to a record $1,810 a ton as of 12:38 p.m. local time. It has gained 8.7 percent this year.
Copper was little changed amid signs of improved demand from Chinese buyers ahead of the week-long Lunar New Year holiday period. Markets in China, the world's largest consumer of the metal used in pipes and wires, are closed and will reopen on Feb. 26.
Imports of copper and copper products jumped 44 percent in January from a year earlier, customs data showed on Feb. 12. Chinese refined-copper imports in January were about 132,000 tons, almost double the average monthly imports of 69,000 tons recorded in 2006, Macquarie Bank Ltd. said in a report today.
Copper was unchanged at $5,810 a ton.
Among other LME-traded metals, tin gained $105 to $13,250, close to its 17-year high of $13,300 recorded on Feb. 16. Zinc advanced $30, or 0.9 percent, to $3,410, nickel fell $25 to $38,875 and aluminum dropped $5 to $2,790.
Lead has low inventory level, any supply disruption will push the price up easily.
I mentioned in the early part of 2007 that tin and lead are my top picks for metals. Today their price had risen so much!
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BREND said:
sounds pretty bullish for copper despite large stockpiles!?
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