LME Base Metals Finished Lower Monday
The base metals prices on the London Metal Exchange (LME) finished lower Monday, as Greek talks collapse.
The two-day talks in Brussels between representatives of the Greek government and its creditors over the prerequisites for the disbursement of further aid to Greece broke up on Sunday.
A European commission spokesman said there are still wide differences between Greece’s reform plan and the requirement of it’s international creditors.
Many believe that hope to strike a deal from now to Thursday’s Eurogroup meeting in Luxembourg is the last chance before Greece’s EU bailout expires by the end of June.
Spot premiums in China’s Copper market narrowed late last week. Traders bought on dips and downstream producers purchased according to production needs.
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LME Copper rose early last week but gave back the gains later. SHFE Copper prices were dragged down by growing short positions.
The 3-month unofficial Copper price dropped 68.5, or 1.16%, to 5,819/tonne.
The 3-month unofficial Aluminium price lost 35.5, or 2.04%, to 1,706.5/tonne.
The 3-month unofficial Lead price lost 35, or 1.89%, to 1,820/tonne.
The 3-month unofficial Zinc price lost 12, or 0.56%, to 2,116/tonne.
The 3-month unofficial Nickel price lost 165, or 1.26%, to 12,910/tonne.
The 3-month unofficial Tin price lost 150, or 1.01%, to 14,650/tonne
Stay tuned…
HeffX-LTN
Paul Ebeling
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