Base metals prices up in London, Shanghai, with healthy manufacturing data underpinning sentiment

Base metals prices on the London Metal Exchange and on the Shanghai Futures Exchange were up across the board this morning, Wednesday November 24, with the markets attracting buyers after Tuesday’s generally robust flash purchasing managers index (PMI) data.

Flash manufacturing PMI data in Europe and the United States exceeded expectations and were up month on month with readings of 58.6 for the EU and 59.1 for the US US and other governments to release oil from stockpiles - another sign of economic strength Rising Covid-19 infections in Europe are a concern, but not an economic headwind just yet Base metals Three-month base metals prices on the LME were up by an average of 0.5%, ranging between tin being little changed at $38,975 per tonne and lead rising by 1.2% to $2,279.50 per tonne. Copper was up by 0.1% at $9,739.50 per tonne.  The most-traded base metals contracts on the SHFE were up by an average of 0.8%, between a 0.2% rise in January copper...


William Adams

November 24, 2021

08:59 GMT