Base metals mainly weaker on Tuesday morning as market struggles to consolidate

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment.

A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down from a high of 1,300 yuan per tonne in May. Broader markets are waiting for this week’s central banks tapering decisions – not that the Dow Jones Industrial Average seemed too worried after it set a fresh intra-day high at 36,009.74 on Monday. Base metals On the LME, all the base metals with the exception of lead were weaker this morning. Lead was up by 0.2% at $2,376 per tonne, while the rest were down by an average of 0.7%, led by a 1.3% decline in tin ($36,750 per tonne). Copper was...

Published

William Adams

November 02, 2021

08:44 GMT

London