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Base Metals recoup losses

Posted by: Alloy 2021-02-28 Comments Off on Base Metals recoup losses

Base metals ticked higher during Monday December 5 trading sessions as the market recovered from Friday’s sell-off amid positive Chinese data and an uptick in fund activity. Still, uncertainty surrounding Chinese growth and stricter regulations in money moving offshore has meant that investors remained unsettled.
The three-month copper price was recently at $5,855 per tonne, $95 higher on Friday’s close. Stocks were down 1,000 tonnes at 122,025 tonnes and cancelled warrants were unchanged.
The three-month zinc price at $2,720 per tonne was $52 higher – earlier it had slipped to just $2,668 per tonne, but Chinese fund activity and short covering saw it recoup losses. Availability has also fallen – 12,500 tonnes were freshly cancelled in New Orleans – total metal booked for removal is 90,450 tonnes. Stocks were 125 tonnes lower at 441,375 tonnes.
The three-month aluminium price at $1,719.50 per tonne is up $5 on the close. The December options are set to expire this Wednesday and the $1,700 level is closely watched due to large amounts of open interest at this strike. Aluminium stocks were down 10,075 tonnes to 2,129,200 tonnes, the bulk of which was centred on Vlissingen, Port Klang and Incheon Port. Cancelled warrants were down 8,725 tonnes to 744,325 tonnes.
Nickel at $11,630 per tonne was up $175, while stocks jumped by 1,896 tonnes to 368,724 tonnes due to arrivals in Kaohsiung. Cancelled warrants were down 108 tonnes to 126,432 tonnes.
The three-month lead price at $2,297 per tonne was $25 higher, while stocks were down 50 tonnes to 187,175 tonnes. The three-month tin price was at $21,030 per tonne and stocks were down 25 tonnes at 3,185 tonnes. Cancelled warrants, however, fell 210 tonnes to 1,095 tonnes.

Source: FastMarkets, 2016

Base Metals recoup losses

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