Spotlight on Omicron Covid-19 variant sees copper, aluminium, nickel prices down on LME

Base metals price movements on the London Metal Exchange were mixed at the 5pm close of trading on Tuesday November 30, with copper down by more than $100 per tonne.

“The spotlight today remains on [the] Omicron [variant of the Covid-19 infection],” Alastair Munro, LME desk analyst at Marex said earlier in the day. “Concern over the new Omicron variant has intensified following comments made by the chief executive of Moderna on doubting the effectiveness of current vaccines to combat it,” he added. “The complex was sold off following the comment; crude [oil] was down by 4.5% and copper was down by 1.5%...


Imogen Dudman

November 30, 2021

18:00 GMT