MORNING VIEW: Copper back above $10,000 per tonne, others all strong too

Base metals are experiencing strong gains again on the morning of Wednesday May 5 with relatively high volumes being traded on the London Metal Exchange despite the absence of Chinese market participants observing a Labor Day break.

Asian markets quiet with China, Japan and South Korea on holiday US Dollar Index recently at 91.24, compared with 91.16 at a similar time on Tuesday - consolidating off last week's low of 90.42 Base metals Three-month nickel prices on the LME led the gains this morning, with prices up by 1.8%, at $17,960 per tonne. But nickel is still playing catch-up with other base metals since it is the only metal not extending its highs yet. On Tuesday, lead ($2,190.50 per tonne) joined the other metals in setting a new multi-month high of $2,201 per tonne - the highest it has been since October 2019. Copper was up by 0.87%, at $10,037 per tonne - its highest since February 2011,...

Published

William Adams

May 05, 2021

07:40 GMT

London