Base metals prices in rebound mode, doing well considering strong dollar

Base metals prices on the London Metal Exchange and on the Shanghai Futures Exchange were mixed this morning, Tuesday November 23, while prices consolidated Monday’s gains that averaged 1.4% on the LME.

Federal Reserve chair Jerome Powell stays in his job, which market sees as being hawkish… …hence gold’s 2% drop on Monday. Base metals Three-month base metals prices on the LME were mixed this morning, with aluminium, zinc and tin down by an average of 0.6%, while the rest were up by an average of 0.2%. Copper was up by 0.1% at $9,677 per oz. The most-traded base metals contracts on the SHFE were also mixed, but the overall tone was upbeat with the complex up by an average of 1.1%, led by 3.4% and 2.5% gains in January zinc and December nickel respectively. These steel-related metals may well have been boosted by the 9.3%...


William Adams

November 23, 2021

07:58 GMT