The three-month lead price was the biggest loser, falling 2% from yesterday’s close to $1,965 per tonne despite stocks remaining at a nine-year low.
“The metals market seems to be in a strange world at the moment,” Kingdom Futures director and chief executive officer Malcolm Freeman said in a morning report.
“We have had relatively steady economic numbers out of the major global economies, no surprises from yesterday’s FOMC [Federal Open Market Committee] decision and the continued net fall in LME stocks, and yet almost every time the metals try to rally they get stopped in their tracks,” he added.
Three-month nickel price came off 1.7% to $11,565 per tonne, while copper declined by 1.2% to $6,155 per tonne.
Both three-month aluminium and zinc prices consolidated lower this morning, with the latter continuing to trail lower despite a 10-year low...