LIVE FUTURES REPORT 20/08: LME base metals prices rise amid weaker dollar; zinc, lead consolidate lower

Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday August 20, boosted by growing optimism over US-Sino trade relations amid a slight retreat in the dollar index.

The United States and China will re-engage trade discussions for the first time since June, with Beijing set to send a nine-member delegation to the US later this week. Asian equity markets surged as a result.

Topping gains, aluminium’s three-month price climbed 1.2% over the afternoon, finding support above $2,050 per tonne while ongoing uncertainty surrounding tariff-resolution keeps the market steady.

Total volume levels traded over the day topped the complex, with 15,700 lots of aluminium traded by the close.

In late July, the US Treasury gave Rusal and EN+ until October 23 to come to a solution regarding key requirements surrounding the lifting of sanctions, notably the relinquishing of Oleg Deripaska’s...


Hassan Butt

August 20, 2018

18:04 GMT