May 10, 2013: On Friday, base metal prices settled sideways in Shanghai while prices in London got off to a mixed start. LME official 3-mo. asking prices firmed for copper ($7,377/mt = $3.346/lb.) and tin ($20,825/mt = $9.446/lb.) this morning and in PM trading nickel was also in positive territory. Other commodities came under heavier pressure as the dollar firmed to $1.298 vs. the Euro and reached a 4 ½ year high against the Japanese Yen (¥101.6). Press reports attributed the dollar appreciation to the drop in U.S. unemployment claims, remarks by Philly Fed President Charles Plosser that he wants to see a slowdown in the Fed’s bond buying program, and stepped-up purchases of overseas bonds by Japanese investors. In New York, crude oil prices fell to the lowest levels of the week below $94/bbl this morning but retraced most of those losses later in the day. On Wall Street, the Dow Industrials also recovered in afternoon trading and looked set to finish the week in record territory…
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