LME Base Metals Finished Lower On Tuesday
The base metals prices on the London Metal Exchange (LME) closed lower across the board Tuesday.
Indonesia’s ban on unprocessed Nickel ore exports was expected to be a boon to the global Nickel market. At 1st, prices rocketed to more than 20,000/tonne.
Now, though, prices have fallen to 50% of that, and are at their lowest level since the financial crisis. A massive build-up in Chinese Nickel inventories was unforeseen and led to the price crash.
China may be hiding other base metals in its complex and interconnected metal markets, hence Nickel contagion may spread to Copper, Aluminum and Lead.
The 3-month unofficial Copper price dropped 323, or 5.78%, to 5,263/tonne.
The 3-month unofficial Aluminium price lost 21.5, or 1.27%, to 1,669.5/tonne.
The 3-month unofficial Lead price lost 32, or 1.82%, to 1,725/tonne.
The 3-month unofficial Zinc price lost 73.5, or 3.66%, to 1,934/tonne.
The 3-month unofficial Nickel price lost 1,050, or 8.98%, to 10,637.5/tonne.
The 3-month unofficial Tin price lost 625, or 4.36%, to 13,700/tonne.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post LME Base Metals Finished Lower On Tuesday appeared first on Live Trading News.