LIVE FUTURES REPORT 24/09: LME base metals complex sheds 1% in macro-led downturn

London Metal Exchange three-month base metals prices were universally trading lower in the morning session on Thursday September 24, with sustained strength in the dollar index - trading at a six-week high - and macro uncertainty driving down futures prices.

The dollar continues to trade above 94 today, most recent trading around 94.53 this morning, acting as an effective headwind for metals trading. “The market remains sensitive to the strong rebound in the dollar index. This has encouraged investors, with exposure both in commodities and haven assets to reduce their exposure,” Fastmarkets research analyst Andy Farida said. “We have repeatedly said since mid-August that the price supportive macro dynamics for the base metals are starting to wane and that will have...

Published

Amy Hinton

September 24, 2020

10:27 GMT

London