MORNING VIEW: Base metals firmer, while broader markets more circumspect

Base metals prices were higher on the London Metal Exchange but mixed on the Shanghai Futures Exchange this morning, Thursday September 9, but equity markets in Asia-Pacific were weaker with participants once again nervous about possible central bank tapering.

Market participants focused on whether the European Central Bank (ECB) will signal it is ready to start tapering – the ECB meets today Better-than-expected US job openings numbers once again open the way for a more hawkish Federal Reserve Base metals Three-month base metals prices on the LME were stronger with gains averaging 0.7% this morning, led by a 1.5% rise in nickel ($19,975 per tonne) and a 1.4% rise in aluminium ($2,830 per tonne), with both metals setting multi-month and multi-year highs respectively. The rest of the metals were up by an average of 0.3%, with copper up by 0.2% at $9,288.50 per tonne. The most-active base metals contracts on the SHFE...


William Adams

September 09, 2021

07:28 GMT