LIVE FUTURES REPORT 09/04: LME base metals prices drift lower despite softer dollar; zinc sinks below $2,900/t

Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Tuesday April 9, with a dip in the dollar index below the psychological level of 97 doing little to prompt rallies, while stock inflows continue push prices lower.

Despite trading comfortably above $6,500 per tonne for much of the day, copper’s three-month price closed $13 per tonne shy of the psychological level, with last week’s stock inflow of more than 30,000 tonnes the most prominent headwind. Volumes traded in the red metal topped the complex with more than 17,000 lots changing hands by the close, which is the most since April 1, while the LME bandings report continues to show three dominant warrant holding positions across 50-79% of warrant holdings, tomorrow/next and cash positions. “Copper prices are striking a firm...

Published

Hassan Butt

April 09, 2019

17:55 GMT

London