LIVE FUTURES REPORT 16/07: Downward momentum in LME base metals continues; ali bucks trend, climbs 1.6%

Pressured by ongoing trade tensions, base metals on the London Metal Exchange ended mostly lower at the close of trading on Monday July 16, with aluminium the only metal to trade in positive territory.

Leading the broad downtrend, zinc prices drifted over 3% during the afternoon – now down 20% since the start of the year – while nickel gave up more than 2% of its three-month price in the same period. 
Ongoing wage negotiations at BHP’s Escondida mine in Chile are facilitating significant downticks in copper prices, with the market wary of potential supply disruptions. 
On Friday, Escondida’s main union rejected the company’s revised contractual offer, citing the contract proposal as “unacceptable.”

Weaker than expected Chinese gross domestic product results showed a marginal slowdown in the world’s second largest economy, adding further pressure to base...


Hassan Butt

July 16, 2018

17:50 GMT