MORNING VIEW: Base metals prices consolidate recent gains, broader markets more nervous

Base metals prices on the London Metal Exchange were consolidating this morning on Tuesday May 11, after having pulled back from high ground on Monday while base metals on the Shanghai Futures Exchange were, for the most part, weaker.

Broader markets seem to be getting nervous about inflation, with roaring commodity prices not helping. China’s consumer and producer prices up significantly. But, US treasury yields not reflecting inflation concerns yet. Base metals LME three-month base metals prices were mainly higher this morning, with the exception of tin that was down by 0.3% at $29,700 per tonne. The rest of the complex was up by an average of 0.5%, led by a 1.3% gain in aluminium ($2,562 per tonne). Copper was up by 0.4% at $10,435 per tonne. This morning’s gains follow Monday’s pullback that allowed prices to pull back from what were, in most cases, multi-year highs. The most-active SHFE base...


William Adams

May 11, 2021

09:50 GMT