Sideways volatility continues for base metals amid focus on Omicron variant, US Fed, big data

Base metals prices on the London Metal Exchange were up across the board on the morning of Wednesday December 1 while those on the Shanghai Futures Exchange were mixed with markets contending with many developments.

•United States Federal Reserve chair Jerome Powell suggested on Tuesday that tapering could start sooner than later. •Fed’s hawkishness seems somewhat bold given the unknown over Omicron variant of Covid-19 •Barrage of data out on Wednesday will add to complexity of big picture Base metals The three-month prices on the LME were rebounding on Wednesday morning and were up by an average of 1%, with gains ranging between 0.7% for aluminium ($2,642.50 per tonne) and 1.3% for nickel ($20,175 per tonne), with copper up by 1.2% at $9,564 per tonne. This across-the-board rise follows the across-the-board decreases on Tuesday by an average of 1% - so the sideways oscillation continues. The most-traded base metals contracts on the SHFE...

Published

William Adams

December 01, 2021

09:27 GMT

London

Keywords