LIVE FUTURES REPORT 16/10: Dollar weakness lifts most LME base metals; copper falls 1.3%

Base metals prices on the London Metal Exchange made mixed movements at the close of trading on Tuesday October 16, broadly supported by a weaker US dollar index and a marginal recovery in global equity markets.

Continuing to outperform the rest of the complex, the three-month lead price remains elevated, closing above $2,050 per tonne and up more than 10% from its fresh 2018 low of $1,876 per tonne on October 11.
Sister-metal zinc also found support over the afternoon, closing back above $2,600 per tonne after dipping at Monday’s close for the first time since September 28. 
“Metals finished mixed yesterday but lead was the stand-out, ending at a six-week high on no specific news other than the fact that it was quite oversold, getting to a two-year low at one point early in October and likely attracting fund attention as a result,” INTL FCStone analyst Edward Meir said. 

“Similar to most other metals, lead inventories have been...

Published

Hassan Butt

October 16, 2018

18:10 GMT

London