Metals volatile amid uncertainties over Omicron Covid-19 variant

Most base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were weaker during the morning of Tuesday November 30, with drugmaker Moderna warning that Covid-19 vaccines were unlikely to be that effective against the Omicron variant of Covid-19.

•Asia-Pacific equities were mainly weaker on Tuesday morning, after Monday’s gains. •China’s manufacturing purchasing managers index (PMI) climbed to 50.1 in November, from 49.2 in October; non-manufacturing PMI dipped to 52.3 from 52.4. Base metals The three-month lead price on the LME bucked the trend experienced by other base metals with a rise of 0.3% to $2,291 per tonne. The other base metals were down by an average of 0.9%, led by a 1.3% fall in copper ($9,479.50 per tonne). Overall though, all the base metals are holding at recent ranges and none have extended the bottom of those since news about the Omicron variant emerged. The most-traded base metals contracts on the...

Published

William Adams

November 30, 2021

08:34 GMT

London