LIVE FUTURES REPORT 10/08: LME base metals buffeted by soaring dollar; aluminium price resists

The prices of base metals on the London Metal Exchange were mostly lower at the close of trading on Friday August 10, with most metals erasing their midweek surge after the dollar rocketed to its highest level in over a year.

Over the afternoon, considerable price dips in copper, zinc and lead took effect, with zinc prices leading the downtrend and falling 2.6% while lead closed below $2,100 per tonne for the first time since June 2017, despite total lead stocks being at a five month low. Facilitating the downtrend, the US dollar continued to rise throughout the day, reaching a fresh 2018 high of 96.38, equally its highest level since June 2017. Comparatively however, aluminium’s three-month price bucked the downtrend, climbing 1.2% to close back above $2,100 per tonne.  While much of the market continues to question the direct impact of industrial action at Alcoa’s...

Published

Hassan Butt

August 10, 2018

17:55 GMT

London