The optimism for the complex may be short lived however, because market consensus has already deemed this flurry of activity as a short-covering exercise before the US Fed and Federal Open Markets Committee (FOMC) make announcements on Wednesday June 19.
“Metals prices are reacting positively today, as if the US-China trade deal has been agreed but this is merely a short-term frenzy based on rate-cut expectations. Beware - this is another bull trap,” Fastmarkets...
