MORNING VIEW: Base metals prices generally weaker ahead of barrage of economic data

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on the morning of Wednesday September 1, in the face of further evidence of a slowdown in manufacturing activity.

Chicago’s manufacturing purchasing managers' index (PMI) fell to 66.8 in August from 73.4 in July China’s Caixin manufacturing PMI also showed contraction with a fall to 49.2 in August, from 50.3 in July There is a barrage of economic data out later on Wednesday to provide further insight into the global economy Base metals Three-month base metals prices on the LME were mixed but down overall; aluminium ($2,710 per tonne) and lead ($2,262 per tonne) were bucking the trend with small gains of 0.1% and 0.2% respectively, while the rest of the complex were down by an average of 0.6%, with copper down by 1% at $9,436 per tonne. The most-active base metals contracts on the SHFE were mainly lower, the exception was October...


William Adams

September 01, 2021

07:48 GMT