LIVE FUTURES REPORT 29/01: Dollar weakness fuels uptick in LME base metals prices; zinc price well supported

Base metals prices on the London Metal Exchange were collectively higher during morning trading on Tuesday January 29, with a slight downturn in the dollar index fueling buying momentum while volumes traded over the morning remain moderate.

A downturn in the dollar index below the psychological level of 96 has helped further facilitate buying momentum, with copper, nickel and tin prices similarly keeping well supported. Continued delays to Indonesian exports have spurred confusion in the tin market, with potential resolve around the issue likely to play out until Indonesian elections in April. While participants in the tin market continue to source alternative supply, the LME’s dwindling stock, which mostly comprises Malaysian Smelting Corp (MSC) material, received its largest inflow since 2014 last week, after more than 1,000 tonnes was sent into LME-listed warehouses in Singapore. Aluminium futures ticked...

Published

Hassan Butt

January 29, 2019

10:49 GMT

London