LME base metal futures largely down, but copper above $9,500 per tonne

Base metal futures on the London Metal Exchange were largely down across the board at the 5pm close of trading on Monday December 6, with copper bucking the trend amid uncertainty created by the Omicron variant of the Covid-19 infection and a strong US dollar.

The stronger dollar and nervousness about the uncertainty [created by] the Omicron variant, and whether the [United States] Federal Reserve [Bank] will start to tighten monetary policy, may lead to more risk-off while we head into the year-end,” Fastmarkets’ head of base metals and battery research, William Adams, said on Monday. The US Dollar Index has remained high and was most recently at 96.31. Its most recent high was 96.94 on November 24. The three-month copper price increased on Monday to $9,505...


Callum Perry

December 06, 2021

18:10 GMT