Base metals, broader markets more upbeat on signs that Omicron may be less harmful Covid-19 variant than Delta

Base metals prices on the London Metal Exchange were more up than down, with the complex as a whole up by an average of 0.3% on the morning of Thursday December 23, while those on the Shanghai Futures Exchange were up across the board.

Markets in general seem to be more upbeat on reports that the faster-spreading Omicron variant of Covid-19 seems to be causing less harm and fewer hospitalizations, which could limit its negative impact on the global economy. Asia-Pacific equities, in particular, were also upbeat on Thursday morning, following gains in Western equity indices on Wednesday. Base metals Three-month prices on the LME were mixed, but copper, lead and zinc were little changed, while tin was untraded. Aluminium ($2,842.50 per tonne) and nickel ($20,135 per tonne) were the main movers, with gains of 0.7% and 0.9% respectively, and copper was up by 0.1% at $9,656 per tonne. The most-traded,...


William Adams

December 23, 2021

09:39 GMT