LIVE FUTURES REPORT 09/08: LME aluminium price edges down; copper, tin find support

The price movements of base metals on the London Metal Exchange were mixed at the close of trading on Thursday August 9, typified by sharp drops in the prices of aluminium and nickel, while copper found support despite two consecutive days of stock inflows.

Aluminium’s three-month price dropped by 1.3% at the close of trading after climbing by more than 3% on Wednesday, on news of strike action at Alcoa’s Pinjarra refinery in Australia. While prices continued to move upward, expectation of a stronger rally in the metal’s price was cut short during afternoon trading because of continued pressure created by global trade tensions. “To my mind, the [Alcoa] strike was more of a reason for a technical breakout, and provided the impetus to justify it. [Meanwhile] sanctions on Russia overnight put pressure on [aluminium tycoon] Oleg Deripaska, making an amicable outcome [to pricing negotiations] somewhat less likely,” a trader told Metal Bulletin. Meanwhile, the total LME aluminium inventory was down by 3.4% in...

Published

Hassan Butt

August 09, 2018

18:28 GMT

London