LIVE FUTURES REPORT 17/01: LME ali, tin edge higher; other base metals continue dive as dollar recovers

Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, while metals continue to retreat from earlier highs.

Copper prices continue to fall, dropping a further $44 per tonne from Tuesday's close price, coming under pressure from profit-taking and concerns of Chinese demand. “Copper pulls back to a 3.5-week low after strong profit-taking, steadying dollar and concerns raised over fading demand in China ahead of the Lunar New Year,” John Meyer of SP Angel said. Rising stocks are also putting pressure on copper prices, Meyer said, with overall LME copper stocks climbing 12% since the beginning of December. "Rising global stock levels, stale-long liquidations among speculative funds and declining global premiums do not paint a positive picture for copper demand,"...

Published

Alice Mason

January 17, 2018

17:45 GMT

London