MORNING VIEW: Consolidation over as base metals surge on numerous drivers

Base metals prices on the Shanghai Futures Exchange were up across the board while those on the London Metal Exchange were mixed during the morning of Friday May 28. This followed surging prices on Thursday.

Falling initial jobless claims in the United States boosted sentiment An indefinite strike has started at BHP’s Santiago copper-mining operations center Asia-Pacific equities upbeat as are pre-market major Western equity index futures Base metals LME three-month base metals prices were split, but the gains outweighed the losses. Copper and aluminium were both down by 0.2% at $10,277 per tonne and $2,482 per tonnes respectively. The rest were up by an average of 0.8%, with lead ($2,211 per tonne) being the laggard and tin ($30,745 per tonne), the outperformer. Friday’s early movements came after a bullish run on Thursday when the LME complex closed higher by an average of 2.6%. The most-active Shanghai Futures Exchange base metals...

Published

William Adams

May 28, 2021

07:15 GMT

London