The base metals on the London Metal Exchange are little changed this morning while they consolidate after Monday’s strong gains that saw prices close up by an average of 3%. The most-traded base metals contracts on the Shanghai Futures Exchange are, however, up across the board, showing gains averaging 1.5% this morning.
Asian-Pacific equity indices are showing strong gains, which follows Monday’s 3.85% gain in the Dow Jones Industrial Average.
Pre-market major western equity indices are seeing some follow-through strength, with gains either side of 0.2%.
Gold prices at $1,736 per oz have pulled back from Monday’s $1,765-per-oz high.
Three-month base metals prices on the LME have been rangebound so far this morning, but a volume of 6,264 lots is already above average for this time of day, suggesting good two-way interest. Copper was recently quoted at $5,344 per tonne, having earlier been up to...