Base metal prices fell across the board on the London Metal Exchange in morning trading on Wednesday October 11, with lead and zinc leading the downward trend.
The three-month zinc price was recently trading at $3,237.00 per tonne, down nearly 1.7% while the three-month lead price dropped 1.8% to $2,513.00 per tonne.
The drop was attributed to profit-taking by investors following recent high prices.
“This morning’s weakness seems to show consolidation as recent high prices attract scale-up selling,” Metal Bulletin senior analyst William Adams said in a morning note.
Base metals drop; more than 34,000 tonnes of metal cancelled
- The three-month copper price traded at $6,737.00 per tonne, down $17. Inventory fell 2,950 tonnes to 286,925 tonnes, with 5,925 tonnes of freshly cancelled stock.
- The three-month aluminium price was $21 lower at $2,141.50 per tonne. More than 28,000 tonnes of material were freshly cancelled. Overall inventory fell 5,025 tonnes to 1,234,025 tonnes.
- The three-month nickel price fell $100 to $10,940 per tonne, with stocks down 672 tonnes to 383,148.
- The three-month tin price dropped $120 to $20,710 per tonne. Stocks were steady at 1,995 tonnes with 10 tonnes of freshly cancelled metal.
Currency moves and data releases
- The dollar index ticked 0.03% lower to 93.22.
- In other commodities, the Brent crude oil spot price rose 0.7% to 56.93.
- In the USA, markets are awaiting the release of Federal Reserve meeting minutes.