The threat of a no-deal “Brexit” (the UK leaving the European Union with no agreement in place to govern the process), the rise of protectionism and the burgeoning trade war between the United States and China are the main reasons behind this inactivity that were cited by market participants.
A possible slowdown in the pace of economic growth in China, along with more weakness in the currencies of emerging markets, were also creating concern.
“Minor metals are in ‘no man’s land’ - the market is frustratingly quiet,” a European trader said.
“Nothing is really helping at the moment. US sanctions, China’s anaemic economy and the failing of rupee [which is down by nearly 15% since the beginning of...