LME Base Metals Finished Overall Lower
The base metals prices on the London Metal Exchange (LME) were finished overall lower Monday before EU emergency Summit on Greek debt default in Brussels.
Base metals were mixed during Monday LME pre-market trading reflecting Monday’s Chinese Dragon Boat Festival holiday and caution over the outcome of today’s EU emergency summit in Brussels.
“With the Chinese out Monday for a holiday, it is a pretty quiet market, action is light. Prices have broken down over the last few days, Copper broke through 5,750 and may not hold,” a trader said.
Both Zinc and Lead set fresh 3-month lows.
“We are really looking at other markets and Greek news, that is what the next LME move will be down to,” the trader added.
Investors were cautious ahead of a Eurozone leaders Summit on Greek debt crisis Monday evening.
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The three-month unofficial Copper price dropped 19, or 0.34%, to 5,647/tonne.
The 3-month unofficial Aluminium price was at 1,694/tonne, unchanged from Friday’s closing price.
The 3-month unofficial Lead price lost 28, or 1.55% to 1,773/tonne.
The 3-month unofficial Zinc price lost 23, or 1.12%, to 2,029/tonne.
The 3-month unofficial Nickel price lost 150, or 1.19%, to 12,490/tonne.
The 3-month unofficial Tin price lost 100, or 0.65%, to 15,225/tonne
Stay tuned…
HeffX-LTN
Paul Ebeling
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