LIVE FUTURES REPORT 01/10: LME aluminium, zinc prices push higher; nickel, copper consolidate lower despite trade optimism

Base metals on the London Metal Exchange were mixed at the close of trading on Monday October 1 after some forecast-missing economic data from China.

Three-month copper reached its lowest point since September 21 at $6,152 per tonne before recovering some lost ground. Since the start of September, around 71,175 tonnes of copper have been booked for removal from LME-listed warehouses, while cancelled aluminium warrants have risen 169,275 tonnes. “There’s been a lot of sifting, and people are sitting on a lot of stock. I think a lot of people are waiting until LME Week to see where the numbers are,” an LME floor trader told Fastmarkets.  The three-month zinc price climbed 1.6% against a backdrop of falling LME inventory and tightness in nearby spreads.  Since the start of September, more than 50,000 tonnes of zinc have been booked for removal from LME-listed warehouses in Antwerp and New Orleans, while the metal’s cash/three-month spread is now in a backwardation of $43.50 per tonne, out...

Published

Hassan Butt

October 01, 2018

17:55 GMT

London