LIVE FUTURES REPORT 06/08: LME base metals consolidate; copper, zinc prices remain under pressure

Base metals on the London Metal Exchange consolidated for much of trading on Monday August 6, with closing prices mixed despite broad strength in the US dollar and an ongoing trade spat between the United States and China.

That said, downticks in the three-month copper and zinc prices resulted in a 1.1% and 2.4% drop, respectively, for the metals, with copper prices trading at their lowest level since July 19 after falling to $6,064 per tonne this afternoon. “The LME copper price continues to consolidate near the recent low and we envisage its price action to remain volatile in the short term. Despite the lack of upside momentum, we also noticed that the selling momentum since the June high at $7,348 per tonne is losing momentum,” Metal Bulletin analyst Andy Farida said in his Copper Today research note.  “We will let the selling run...


Hassan Butt

August 06, 2018

17:55 GMT