LME base metals rise as markets shake off initial Omicron Covid-19 variant concerns

All base metals prices on the London Metal Exchange were stronger during the morning of Monday November 29, as traders took a wait-and-see approach toward the Omicron variant of Covid-19.

But, most of the Shanghai Futures Exchange metal prices were weaker as they reacted to last Friday's losses on the LME, where prices closed down by an average of 3.1%. •Asia-Pacific equities were weaker in response to last Friday's losses in Western equities. •But pre-market equity index futures for major Western markets were rebounding on Monday morning. Base metals The three-month base metals prices on the LME were up between 0.64% for lead ($2,290.50 per tonne) and 1.58% for aluminium ($2,633 per tonne), while copper prices were up by 1.42%, at $9,579 per tonne. The most-traded base metals contracts...

Published

William Adams

November 29, 2021

09:26 GMT

London

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