Thanksgiving leaves markets subdued

With US markets shut trading floors were always going to be quieter, and this year’s thanksgiving is no exception.

A Turkey farm
Source: Bloomberg

Improving commodity prices have helped re-invigorate the mining sector and the list of FTSE climbers is dominated by firms in this arena.The exception to that rule has been BHP Billiton, which continues to set new lower lows stretching out over a seven-year period after the UN confirmed that the Brazilian mud slides are toxic, subsequently sending the shares tumbling again.

The ramifications from Tesco’s accounting irregularities just over a year ago are still being felt, as Britain’s largest food retailer has paid out £8 million to settle with US investors who went to court to claw back some of their losses.

Oil prices look to be anticipating more negative sentiment being dumped on them as both US light and Brent crude sell off. Ahead of next week’s Vienna meeting for the OPEC nations, Saudi Arabia has been making further noises about maintaining the supply levels to the markets.

Monday’s lows in copper look to have been a step to far as the base metal continues to bounce, but without any fundamental increase in demand it is difficult to see how much longer copper traders can suspend their disbelief.

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