Base metals prices fall in LME officials on fiscal disappointment

Base metals prices faltered in Thursday’s official trading on the London Metal Exchange following disappointing economic news from China and Europe and after the US Federal Open Market Committee (FOMC) ruled out immediate quantitive easing (QE).

Three-month copper settled at $7,429/730 per tonne, compared with an opening price of $7,485 per tonne. The red metal traded to an intraday high of $7,487.5 per tonne and dipped as low as $7,362.25 per tonne. "Last night’s FOMC statement disappointed a market that had been hoping for further QE measures, while a weak Flash Chinese manufacturing PMI and weak European PMI numbers have also weighed on sentiment this morning,"...

Published

Janie Davies

Mark Burton

June 21, 2012

15:35 GMT

London