Base metals prices nudge up; markets consolidate ahead of US jobs report

Base metals prices on the LME and the SHFE were mostly up on the morning of Friday January 7, with the weakness from the middle of the week again attracting dip buying and with broader markets likely to take direction from today’s US employment report.

Unrest in Kazakhstan has boosted oil prices; the country is a large producer of base metals too. Base metals Three-month prices on the London Metal Exchange were mixed, nickel ($20,625 per tonne) and aluminium ($2,947 per tonne) were the main risers, with gains of 1.2% and 0.6% respectively, with nickel rebounding and aluminium continuing its move higher. The rest of the metals were little changed, ranging between a fall of 0.1% for zinc ($3,560 per tonne) and a 0.2% increase for copper ($9,582.50 per tonne). The most-traded February base metals contracts on the Shanghai Futures Exchange were mainly higher too, with the exception of copper, which...

Published

William Adams

January 07, 2022

08:55 GMT

London

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