LIVE FUTURES REPORT 16/08: LME base metals continue recovery; lead price climbs 5.5%

The prices of base metals on the London Metal Exchange were higher across the board at the close of trading on Thursday August 16, with lead prices topping broad complex gains amid sharp upticks in copper, zinc and nickel prices.

Climbing 5.5% over the afternoon, lead’s three-month price found support back above $2,000 per tonne after falling to its lowest point since September 2016.  “Lead prices have turned higher after Wednesday’s sharp sell-off, which suggests the market views current levels as a buying opportunity,” Metal Bulletin analyst James Moore said in his Lead Today report.  Base metals prices plummeted at the close of trading on August 15, with increased risk-off sentiment emerging amid volatile currency flows, particularly with regards to Turkey’s lira.  While the US dollar remains strong, pressuring base metals, some market analysts considered the severe fall exaggerated.  By comparison, zinc’s three month price climbed 3.8% after falling 6% yesterday and closing at its lowest point since October 2016.  Similarly, nickel prices recovered 3.5%...

Published

Benedict Konst

Hassan Butt

August 16, 2018

17:50 GMT

London