LIVE FUTURES REPORT 11/01: LME base metals drift sideways as market awaits Trump comments

London Metal Exchange prices were steady as New York opened for the day, with volumes on LMEselect largely insignificant and the wider markets poised ahead of President-elect Donald Trump’s first press conference since July.

Investors will be looking for clarification on many of the policies he outlined throughout his campaign. In the metals markets in particular, traders will look for some clarity with regard to the commitments made in the victory speech, where Trump committed to a far-reaching infrastructure rebuild. Copper was down about $9 at $5,751 per tonne, aluminium was unchanged at $1,749 per tonne at the time of writing. Volumes on both were around 7,000 lots apiece on LMEselect. Still, as the New York session gets under way, much of the metals remain close to multi-week highs. Yesterday, metals spiked higher following positive Chinese PPI data, which increased expectations of inflation. Adding to support was the LME commitment of trade report (COTR) for the week ending January 6, which showed that while money manager activity has been quiet, gross short positions, in general, remained low. Deliveries against aluminium backwardation...


Ian Walker

January 11, 2017

15:06 GMT