CIJENE OBOJENIH METALA NA BURZI U LONDONU

HINA LONDONSKA BURZA KOVINA: SLUŽBENE CIJENE 27.08.1997. CASH OD CASH DO 3MJE OD 3MJE DO NAGODBA BAKAR USD/T 2193.0 2195.0 2179.0 2180.0 2195 KOSITAR USD/T 5395 5400 5435 5440 5400 OLOVO USD/T 632.00 632.50 642.00 643.00 632.5 CINK USD/T 1687.0 1688.0 1485.0 1487.0 1688 ALUMIN. USD/T 1762.0 1764.0 1643.0 1644.0 1764 NIKAL USD/T 6545 6550 6660 6665 6550 AL.LEG. USD/T 1450.0 1455.0 1480.0 1485.0 1455 VALUTE ODNOS USD/DEM 1.8038 GBP/USD 1.6078 Stanje zaliha obojenih kovina 27.08.1997 LATEST STOCKS RELEASED - 27/08/97 ZINC 379050 -1725 COPPER 273200 +100 H-G ALI 691875 +10175 TIN 10655 -120 ALI ALLOY 54500 +200 LEAD 117725 -150 NICKEL 58686 -204 ENDING COPPER TIN LEAD SHG ZNCH-G ALI ALI-ALLOY NICKEL 27/08 273200 10655 117725 379050 691875 54500 58686 26/08 273100 10775 117875 380775 681700 54300 58890 22/08 272575 10750 118100 381500 678500 54440 58944 21/08 271600 10895 118400 379825 657750 54640 58338 20/08 269850 10940 118275 376150 643325 54680 58254 19/08 268675 10995 118400 377700 638075 54840 58008 18/08 264600 11115 118725 382875 638500 54960 57828 15/08 260875 11145 118925 386000 631850 54980 57696 14/08 256300 11240 118600 391625 627025 54820 57642 13/08 254350 11235 118950 394025 625300 55060 56382 LME PARTICIPANTS FOCUS ON SPREADS DURING PRE-MARKET TRADING. LONDON (DOW JONES)--THE BENCHMARK THREE-MONTH CONTRACTS ON THE LONDON METAL EXCHANGE WERE ALMOST COMPLETELY IGNORED DURING PRE-MARKET TRADING WEDNESDAY, AS SQUEEZES IN THE ALUMINUM AND ZINC MARKETS STOLE THE SHOW, TRADERS AND ANALYSTS SAID. ZINC'S CASH-TO-THREE-MONTH BACKWARDATION WIDENED FURTHER, TRADING AT $200/$210 A METRIC TON AT 1000 GMT, FROM AROUND $195 AT TUESDAY'S CLOSE. HOWEVER, ALUMINUM'S SPREAD EASED, WITH A TRADER AT A U.S. TRADE HOUSE SAYING THE WORST IS LIKELY OVER. (LME THREE-MONTH PRICES IN DOLLARS A METRIC TON AT 0956 GMT, WITH TUESDAY'S LATE KERB CLOSE IN PARENTHESES. TUESDAY'S NYMEX COPPER CLOSE IS IN CENTS PER POUND.) COPPER 2,189.50 (2,182) ZINC 1,507 (1,493) ALUMINUM 1,662.50 (1,665) TIN 5,470 (5,460) NICKEL 6,640 (6,635) LEAD 644.50 (640) NYMEX DEC COPPER 98.85 'IT'S PRETTY QUIET BUT STEADY,' THE TRADER WITH THE U.S. HOUSE SAID. 'THERE'S NOT MUCH INTEREST, EXCEPTING ODD TECHNICAL SITUATIONS - THE (ALUMINUM AND ZINC) SPREADS.' AS ON TUESDAY, THE MARKET REMAINED COMPLETELY FOCUSED ON BACKWARDATION DEVELOPMENT OF THE METALS. IN PARTICULAR, PARTICIPANTS BECAME ANXIOUS WHEN THE PREMIUM OF CASH ALUMINUM OVER THE THREE-MONTH CONTRACT FLARED TO $25 AT ONE POINT TUESDAY, TRADERS AND ANALYSTS SAID. 'THIS IS SOME SORT OF A DOUBLE STANDARD, BECAUSE THAT ISN'T ALLOWED IN THE COPPER MARKET,' SAID ALAN WILLIAMSON, ANALYST AT DEUTSCHE MORGAN GRENFELL SECURITIES AUSTRALIA LTD. HE REFERRED TO THE 1% LIMIT ON THE CASH-FOR-DAY BACKWARDATION, COMPARED WITH THE PREVIOUS DAY'S CASH SETTLEMENT PRICE, WHICH WAS ESTABLISHED LAST YEAR. ACCORDING TO THE TRADER WITH THE U.S. HOUSE, A RUMOR ABOUT AN IMPENDING MEASURE TO CURB ALUMINUM'S BACKWARDATION IS CIRCULATING THE MARKET, CAUSING FLOOR TRADERS ON THE LME TO CALL TUESDAY FOR INTERVENTION BY THE EXCHANGE. HOWEVER, THE U.S. TRADER DISAGREED. 'I DO NOT BELIEVE IN INTERFERENCE IN A FREE MARKET,' HE SAID. 'IF YOU WANT TO PLAY THE GAME, THERE IS NO POINT IN CHANGING THE RULES HALFWAY.' THE TRADER SAID TUESDAY WAS PROBABLY THE PEAK OF THE BACKWARDATION ANYWAY, SO LME MEASURES WON'T BE NEEDED. WILLIAMSON OF DEUTSCHE SAID: 'ONE GETS THE FEELING THAT THEY (LME OFFICIALS) ALWAYS COME TO THE AID OF THE SHORTS.' A U.K. BANK IS RUMORED TO HAVE SHORT-SOLD ALUMINUM, WITH THE CONSEQUENCE OF NOW BEING SQUEEZED BY A SWISS-BASED TRADE HOUSE. PARTICIPANTS SAID ZINC'S BACKWARDATION IS LIKELY TO LAST MUCH LONGER THAN ALUMINUM'S. 'ZINC'S BACKWARDATION HAS A FUNDAMENTAL BASIS, AND THEREFORE THE LME ISN'T EVEN THINKING ABOUT INTERFERING IN IT,' THE TRADER SAID. THERE IS A GENUINE SHORTAGE OF ZINC CONCENTRATES AND REFINED METAL, HE SAID. PARTICIPANTS BECAME ANXIOUS WHEN THE CASH-FOR-DAY SPREAD HIT $25 A METRIC TON. 271520 MET aug 97