LME Base Metals Finished Down
The base metals prices on the London Metal Exchange (LME) finished lower Thursday as the negotiations between international creditors and Greek government made no deal.
Top-level negotiations between Greece’s prime minister and international lenders ended without a deal.
LME traders were struggling in this atmosphere and the mood was depressed in the LME market, and the action was quiet.
“It is incredibly quiet, traders are struggling in this atmosphere and the mood is depressed. In such quiet sessions it is difficult to get any enthusiasm about base metals,” a trader said.
Despite intensive talks, there is still no resolution to the Greek debt crisis. There will be further discussions late Thursday and Friday between the country and EU finance ministers ahead of the deadline for the 30 June repayment to the IMF, the fund has already said that it would not consider any extensions.
“We suspect that despite the current drama surrounding the Greek talks, an agreement will be ultimately be reached, but given the political brinkmanship, there is always the chance that things could go wrong, with one side throwing in the towel and walking away,” one keen observer said.
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In the LME metals
The 3-month unofficial Copper price dropped 66, or 1.13%, to 5,750/tonne.
The 3-month unofficial Aluminium price lost 0.5, or 0.03%, to 1,724.5/tonne.
The 3-month unofficial Lead price lost 10, or 0.55%%, to 1,795/tonne.
The 3-month unofficial Zinc price lost 7, or 0.34%, to 2,047/tonne.
The 3-month unofficial Nickel price lost 100, or 0.79%, to 12,637.5/tonne.
The 3-month unofficial Tin price lost 337.5, or 2.21%, to 14,937.5/tonne.
Stay tuned…
HeffX-LTN
Paul Ebeling
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