LME Base Metals Fall Across The Board
The base metals prices on the London Metal Exchange (LME) finished lower across the board Monday with many hitting multi-week and multi-month lows on concerns that Greece is courting financial disaster.
Greece pulled out of emergency meetings with creditors at the weekend and called for a referendum to vote on the proposed bailout terms on Sunday, 6 July
The country has shut its banks for at least 8 business days, and imposed capital controls after the European Central Bank (ECB) froze emergency liquidity assistance to Greek banks at current marks.
LME nickel hit its cheapest in 6 years.
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The 3 month unofficial Nickel price lost 647.5, or 5.19%, to 11,840/tonne.
LME Copper got some momentum from Chinese stimulus.
The Chinese central bank (PBOC) lowered both the RRR and interest rates by 25 bpts a the weekend for the 4th time in the last 7 months. But Copper closed lower.
The 3 month unofficial Copper price dropped 6, or 0.10%, to 5,781/tonne.
In other LME base metals
The 3 month unofficial Aluminium price lost 10.75, or 0.63%, to 1,697.25/tonne.
The 3 month unofficial Lead price lost 15 or 0.84%, to 1,774/tonne.
The 3 month unofficial Zinc price lost 10, or 0.49%, to 2,016/tonne.
The 3 month unofficial tin price lost 387.5, or 2.61%, to 14,475/tonne.
Stay tuned…
HeffX-LTN
Paul Ebeling
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