METALS MORNING VIEW 14/02: Metals consolidate ahead of Lunar New Year holiday

Base metals on the London Metal Exchange are for the most part consolidating this morning, Wednesday February 14. Nickel prices are the most energetic with a 0.7% gain to $13,520 per tonne, the others are ranged between down 0.2% and up 0.3%, with copper prices unchanged at $7,017 per tonne.

Volume has been below average, with 7,611 lots traded as of 07.19 am London time. This follows a second day of strength, with prices closing up by an average of 1.8% on Tuesday. The precious metals are also firmer this morning with gains averaging 0.3%. Spot gold prices are up by 0.2% at $1,333.95 per oz. This follows gains of 0.7% yesterday. On the Shanghai Futures Exchange, the base metals are up by an average of 2%, with aluminium prices bucking the trend with a 1.8% fall. LME aluminium prices managed to shake off the 166,225 tonnes of stock inflow yesterday, but it appears to have weighed on aluminium sentiment in China. Copper prices are up 1.6% at 52,710 yuan ($8,313) per tonne, while spot copper prices in Changjiang are up by 1.0% at 51,990-52,150 yuan per tonne and the LME/Shanghai copper arbitrage ratio has eased to 7.51, down from 7.54...


William Adams

February 14, 2018

08:45 GMT