LIVE FUTURES REPORT 25/01: LME base metals prices push higher against softer dollar; Cu, Al, Pb breach nearby support levels

Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday January 25, with a downturn in the US dollar index supporting higher prices, while tin futures fell on more than 1,000 tonnes of inflows.

Closing above $6,000 per tonne for the first time this year, copper’s three-month price appreciated by 2.2% over the afternoon and total volumes traded topped the complex with 20,400 lots changing hands.  Similarly, after more than 272,000 tonnes of aluminium stock was booked for removal (mostly from Malaysian locations) this week, the metal’s three-month price is now trading just above $1,900 per tonne, after consolidating below that mark earlier in the week.  Lead was the third metal to break past its nearby support level over the afternoon, trading above $2,100 per tonne and reaching its highest level since October 16, 2018. Following the upward trend, zinc’s three-month price is also trending higher and is taking a significant step towards $2,700 per tonne. “Although market participants seem inclined to build short positions in copper...


Hassan Butt

January 25, 2019

18:23 GMT