LIVE FUTURES REPORT 10/11: LME base metals prices hold gains amid Covid-19 vaccine hopes

LME three-month base metals prices held slim gains in the morning session on Tuesday November 10, buoyed by bullish sentiment arising from Joe Biden’s US presidential win and Pfizer’s Covid-19 vaccine announcement on Monday.

However, some industry analysts were not optimistic that the recent rally across London Metal Exchange base metals prices was sustainable, and suggested that prices have been running far too high, far too quickly. “The Pfizer-vaccine-inspired rally in metals is likely to be short-lived,” Fastmarkets research analyst Andy Farida said. “People are buying into hope for the time being, but I am bullish on the LME base metals complex and dips should be bought,” he added. A weaker US dollar index - trading flat...

Published

Amy Hinton

November 10, 2020

11:29 GMT

London