MORNING VIEW: Base metals prices in correction mode

Base metals prices on the LME were mainly weaker on the morning of Monday May 24, while those on the SHFE were down across the board in response to attempts by the Chinese authorities to inhibit price increases.

Power shortages in China, brought on by drought and emissions controls, are forcing some metal producers to reduce output. Proposed infrastructure plans in the United States face having to be cut in an attempt to gain Republican Party support. Base metals London Metal Exchange three-month base metals prices were mainly weaker this morning, with the exception of nickel, which was up 0.1% at $16,750 per tonne. The rest of the base metals complex was down by an average of 1.2%, led by a 2.3% fall in aluminium to $2,325.50 per tonne, while copper was down the least with a 0.7% fall to $9,828 per tonne. Volumes have been high, however, with 13,606 lots...


William Adams

May 24, 2021

08:20 GMT