LIVE FUTURES REPORT 16/05: LME base metals trade higher despite thin volumes; tn price bucks trend

Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Thursday May 16, with trade uncertainties broadly priced in while a stronger dollar tempered commodity buying over the afternoon.

The upward momentum in the three-month aluminium futures continued throughout the afternoon trading session, with the light metal settling at $1,860 per tonne, its highest since April 24. Fresh cancelations of more than 33,000 tonnes from mostly LME-registered Asian warehouses this morning buoyed the light metal’s price, while a supportive cash/three-month spread contango - recently at $29.25 per tonne - further facilitated spot physical business.  “Supporting the current rebound momentum in the LME aluminium price is the cancelation of around 33,000 tonnes this morning. Metals continue to...

Published

Hassan Butt

May 16, 2019

18:00 GMT

London