LIVE FUTURES REPORT 02/12: LME base metals prices consolidate, nickel drops 1.4%

London Metal Exchange base metals prices have stabilized at recent highs on the morning of Wednesday December 2, supported by a low dollar index and positive developments in Covid-19-related news.

After six days of inclines, copper’s three-month price opened at $7,666.50 per tonne on Wednesday, broadly flat from the 5pm close on Tuesday of $7,694.50 per tonne.

The price did reach $7,723 per tonne during early morning trading on Wednesday, following yesterday’s an intraday high of $7,743 per tonne - taking it back to March 2013 levels.

Similarly, aluminium’s three-month price was recently at $2,072 per tonne on Wednesday from $2,064.50 per tonne on Tuesday at 5pm, and it also reached $2,080 during early trading, levels not seen since October 2018.

“Copper drifted sideways to lower on Wednesday as some investors booked profits after prices touched fresh seven-year...

Published

Ana de Liz

December 02, 2020

11:55 GMT

London