Base metals prices mainly weaker as mixed Chinese data, Omicron concerns weigh on sentiment

Base metals prices on the London Metal Exchange were mainly weaker and those on the Shanghai Futures Exchange were all lower on the morning of Wednesday December 15.

Data and developments show some cause for concern, while the market is also in limbo as participants await this evening’s US Federal Open Market Committee (FOMC) meeting announcements.

China’s retail sales growth dipped to 3.9% year on year in November, from 4.9% in October, but industrial production climbed by 3.8% in November, after a 3.5% rise in October. China’s Sinovac vaccine reportedly too weak to deal with Omicron – does this foretell of more widespread lockdowns? Base metals Three-month prices on the LME were for the most part weaker this morning. The exception was copper that was up by 0.3% at $9,418 per tonne, while the rest of the complex was down by an average of 0.3%. This followed a down day...


William Adams

December 15, 2021

08:20 GMT