Base metals up on bargain hunting but sentiment still unsettled – LME WEBCAST

  • Base metals recovered from their lows but sentiment remains cautious, particularly for the likes of copper and zinc.
  • The copper price slumped to six month lows yesterday and started this morning holding around these levels. Since then, it has seen a marginal recovery but at 6,570 it remains soft.
  • The price declines across the board were sparked by a wave of investment selling, long liquidation and the take-out of key technical levels.
  • LME week kicks off next week which will see the metal industry descend on London to discuss the industry – with prices this low, and the macroeconomic not looking particularly cheerful, there should be plenty to talk about