LIVE FUTURES REPORT 13/05: LME base metals dip amid fresh tariffs; Cu below $6,100/t

Base metals prices on the London Metal Exchange were collectively lower during morning trading on Monday May 13, with escalating trade tensions between the United States and China dampening investor sentiment and suppressing trading volumes.

The US’ tariffs of 25% on more than $200 billion worth of Chinese goods took effect this morning, prompting base metals to sell-off amid expectations of retaliatory measures from China. The London Metal Exchange three-month copper futures price is down over 1% from Friday’s closing price and trading below $6,100 per tonne with just over 5,800 lots exchanged as of 9:20am London time. Despite LME outflows of more than 7,000 tonnes of material this morning, copper’s cash/three-month spread remains in a supportive contango, recently at $21 per tonne,...

Published

Hassan Butt

May 13, 2019

10:15 GMT

London