Base Metals Up and Down

Barclays reports that metals prices were mixed today as tin rose nearly 2% but other metals moved downward.

The market news is quoted as saying,

While downward pressure on prices yesterday was driven by a downgrade to Portugal’s debt status and a knee-jerk reaction to a benchmark interest rate hike in China, most of the base metals are trading higher in the Asian time zone after digesting news of the interest rate hike as an overdue and necessary move that the market has been anticipating for some time. In terms of fundamental data, the daily LME release offered the price-positive signal of the third consecutive date of broad-based LME stock declines.

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