Base metals prices mixed, markets more risk-off on Wednesday as bond yields rise

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Wednesday January 5 while markets reflect on impact of firmer bond yields, but the overall tone in metals remains upbeat.

US 10-year treasury yields were at 1.65%, compared with 1.51% December 31. Asia-Pacific equities were mainly weaker this morning. Base metals Three-month prices on the LME were more down than up this morning, with the complex down by an average of 0.4%. Aluminium ($2,841 per tonne) and zinc ($3,580.50 per tonne) were up by 0.3% and 0.1% respectively, while nickel ($20,760 per tonne), copper ($9,720.50 per tonne) were down by 1.3% and 0.7% respectively, with lead ($2,293.50 per tonne) and tin ($39,105 per tonne) both off by 0.2%. Conversely, the most-traded February base metals contracts on the SHFE were mixed, but more up than down. Lead was off by 1.4%, while the...


William Adams

January 05, 2022

09:38 GMT