MORNING VIEW: Base metals tread water ahead of Fed chair Powell’s speech

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Friday August 27 while market participants wait to hear what United States Federal Reserve chair Jerome Powell has to say about the US monetary policy timeline when he speaks later today.

Asian-Pacific equity indices were mixed this morning Base metals LME three-month zinc ($2,981 per tonne) and lead ($2,286 per tonne) prices were down by 0.6% and 0.2% respectively and tin ($33,340 per tonne) was untraded, while the rest were up by an average of 0.4%, with aluminium up by 0.7% at $2,639.50 per tonne, which was a fresh multi-year high. Generally, the metals look to be doing a mixture of consolidating after recent volatility and treading water ahead of Powell’s speech. The most-active base metals contracts on the SHFE were mixed, with the October aluminium up by...


William Adams

August 27, 2021

08:17 GMT