Base metals prices upbeat following last week’s dip buying

Base metals prices on the Shanghai Futures Exchanged registered strong gains on Wednesday January 12, building on the increases on the London Metal Exchange a day earlier. LME metals are having a mixed Wednesday morning, but they generally look upbeat, especially tin and nickel.

•Dollar Index testing support from late-November. •Weaker-than-expected Chinese consumer prices (CPI), 1.5% in December after 2.3% in November, provides room for further monetary policy easing in China. Base metals Three-month prices on the LME were mixed: tin ($41,255 per tonne), copper ($9,830 per tonne) and nickel ($21,980 per tonne) were the main gainers, with increases of 1.4%, 1% and 0.8% respectively, while the rest were either side of unchanged. The most-traded February base metals contracts on the SHFE were up by an average of 2.8%, led by a 5.4% rise in tin. Nickel gained 4.2%, zinc rose by 3.2% and...

Published

William Adams

January 12, 2022

09:02 GMT

London