LIVE FUTURES REPORT 10/08: LME base metals prices under dollar pressure; zinc prices fall 2.6%

Base metals prices on the London Metal Exchange were lower across the board during morning trading on Friday August 10, capped by a fresh 2018 high in the dollar index while the escalating US-Sino trade rift continues to weigh on the complex.

The dollar soared to a 13-month high at 96.18 this morning, buoyed by weakness in the Turkish lira and Russian rouble. Fresh sanctions imposed by the United States against Russia earlier this week - over the poisoning of an ex-Russian spy and his daughter - sent the Russian currency spiraling to its lowest level against the dollar since November 2016. With some market participants concerned that a new round of sanctions could place further pressure on the aluminium market, notably Rusal, the correlating price action in the metal has indicated little distress, with the metal consolidating...


Hassan Butt

August 10, 2018

11:45 GMT