MORNING VIEW: Base metals prices firmer but trading quiet, markets in holiday mode

Trading in the base metals on the London Metal Exchange has been extremely quiet on the morning of Wednesday May 1, with much of Asia closed for holidays.

Only 561 lots had traded as of 6.16 am London time compared with 4,202 lots at a similar time on Tuesday. May Day holiday in Asia and across much of Europe expected to subdued trading Oil prices ease after attempted coup in Venezuela stalls Federal Open Market Committee (FOMC) reports rate decision, statement and press conference Base metals Three-month base metals prices on the LME were all higher this morning but only by an average of 0.2%, led by a 0.6% rise in nickel. The copper price was up by 0.2% at $6,442 per tonne and up 1.6% from a recent low of $6,340 per tonne. The combination of week-long holidays in much of Asia and traders waiting for developments on a US-China trade deal, which may not yet materialize for a few weeks, are likely...


William Adams

May 01, 2019

10:44 GMT