Base metals mixed after support found again on Monday, markets looking more ‘risk on’

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Tuesday December 7; but many still look vulnerable on the charts, even though sentiment in the broader markets now seem more ‘risk-on’.

China eased its monetary policy by cutting its reserve requirement rate (RRR) by 0.5% to 8.4%. Markets are taking some comfort from early signs that cases of the Omicron Covid-19 variant have tended to be mild. Base metals Three-month prices on the LME were mostly up by an average of 0.3% on the morning of December 7, with the exception of copper, which was down by 0.8% at $9,501.50 per tonne. The most-traded base metals contracts on the SHFE were also mixed, with the January aluminium and February nickel contracts down by 0.2% and 0.5% respectively, while the rest were up by an average of 0.3%. January...

Published

William Adams

December 07, 2021

08:56 GMT

London