MORNING VIEW: Base metals continue to consolidate after avoiding deeper pullback

Base metals prices on both the LME and SHFE were mixed this morning, Thursday July 22, but have generally recovered from Monday’s weakness, suggesting the dip-buying mentality still dominates.

Lead prices at fresh highs as German lead producer Berzelius declared force majeure on supply after severe flooding forced it to suspend operations at its Stolberg smelter. United States 10-year treasury yields have rebounded, while gold and the yen are weaker, suggesting less haven demand and a more risk-on outlook. Base metals London Metal Exchange three-month base metals prices were mixed and mainly little changed on Thursday morning - the exceptions being copper (which was up by 0.3% at $9,386 per tonne) and tin (down by 0.6% at $33,350 per tonne). The other base metals were ranged between -0.1% and +0.1%. Monday’s weakness was thought to be prompted by...

Published

William Adams

July 22, 2021

10:51 GMT

London

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