LIVE FUTURES REPORT 03/12: LME copper, zinc prices rise by 1.5% amid positive trade talks

Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday December 3, with broadly positive market sentiment emerging from the weekend’s summit in Argentina of the leaders of the G20 group of nations, while the United States and China agreed to limit further use of trade tariffs.

The three-month tin price improved most over the afternoon. It made a significant climb back toward $19,000 per tonne, rising by more than $400 per tonne on just 347 lots traded during the day. Continuing delays in Indonesian exports spurred price rises, which have lifted physical premiums by more than 30% since mid-October. But the metal’s LME price remained volatile, and hit a new low for the year-to-date of $18,145 per tonne on November 27. Meanwhile, copper’s three-month price has remained in positive territory for much of the November-December trading period, staying above $6,200 per tonne and rising by 1.5% on Monday, while volumes topped the complex with 23,759 lots changing hands by the close. “The copper rally is essentially macro-driven: namely, a notable rebound in risk sentiment after the trade...

Published

Hassan Butt

December 03, 2018

18:50 GMT

London