December 23, 2013

Commodities were mostly range-bound this morning amid reports of thin trading volumes, although positive personal spending figures reportedly helped propel stocks even higher. In London, the LME official 3-mo. copper asking price was little changed at $7,238.50/mt (=$3.283/lb.) this morning while the price of zinc advanced to $2,066/mt (=93.7 cents/lb.) as LME zinc stocks continue to drop. In New York, COMEX gold futures were also little changed around $1,200/to while crude oil futures dipped below $99/bbl following several days of gains. On Wall Street, the Dow Industrials continued to climb into record territory, pushing past 16,300 this morning as the yield on 10-year Treasury notes rose above 2.9% and the dollar weakened to $1.37 against the Euro… 

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