MORNING VIEW: Metals prices consolidate but still face many headwinds

Despite the world of trade and economic weakness still very much in focus, markets have generally managed to do some consolidating, although with the gold price holding above $1,230 per oz, haven assets remain in demand.

We still see the global economy as wounded and it will need a US-China trade deal to see it recover. US President Donald Trump said he would decide whether to extend tariffs on US imports from China after the G20 meeting Markets seem hopeful US-Mexico trade talks will mean tariffs are averted Base metals are off to a quiet start with China on holiday Base metals Three-month base metals prices on the London Metal Exchange were for the most part firmer on Friday June 7, holding on to the gains they recorded on Thursday. Copper, aluminium, zinc and nickel were up between 0.3% and 0.4%, while lead was up by 0.1% and tin was untraded. Thursday’s gains, that averaged 1%, seemed to be driven by a combination of lingering hopes that US-Mexico tariffs would be avoided and while shorts covered into the recent price weakness. Trading...

Published

William Adams

June 07, 2019

09:22 GMT

London