LIVE FUTURES REPORT 02/05: LME base metals consolidate after neutral Fed tone; Al ignores 90kt inflow

Base metals prices on the London Metal Exchange consolidated during morning trading on Thursday May 2, with prices broadly range bound following the US Federal Reserve’s decision to keep interest rates unchanged.

Volumes traded over the morning session were moderate – despite the absence of China due to national holidays – with copper clocking more than 6,000 lots exchanged as of 9:45am London time.  The red metal’s three-month price fell by more than 3% at the close of trading on Wednesday and has since dropped another 0.5% to trade at just over $6,200 per tonne. Despite fresh cancelations of more than 25,000 tonnes this week, significant inflows of material continue to pressure the LME copper price.  Total material is now at 231,950 tonnes for copper, with canceled material sitting at just...


Hassan Butt

May 02, 2019

10:25 GMT