The base metals on the London Metal Exchange were mainly weaker this morning, Friday January 15, while those on the Shanghai Futures Exchange were mainly firmer in line with the stronger Chinese fundamentals.

Rio Tinto’s New Zealand Aluminium Smelter (NZAS) in Tiwai Point will continue to operate until December 31, 2024 after reaching an electricity agreement with Meridian Energy, the producer said on Wednesday January 13.

The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mixed this morning, Thursday January 14, with prices generally holding up in high ground but some weakness is showing up on the charts in the likes of zinc.

After strong gains on the London Metal Exchange on Tuesday January 12, when prices closed up with gains averaging 1.8%, prices were for the most part little changed this morning, with nickel the main mover.

After further weakness in the base metals on Monday January 11, that saw the complex close down by an average of 1.5%, prices were up across the board on the London Metal Exchange this morning but those on the Shanghai Futures Exchange base metals prices were down across the board while they followed yesterday’s performance on the LME.

Waiting times for aluminium at Istim warehouses in Port Klang, Malaysia, fell to just 20 days at the end of December, according to the London Metal Exchange’s latest queue report.

Base metals prices were pausing and precious metals were mainly on a back footing this morning, Friday January 8, with sentiment generally bullish on the prospects for greater fiscal spending out of the United States when Joe Biden becomes the president in a few weeks’ time.

Markets remained upbeat on the morning of Thursday January 7 despite the outbreak of violence in Washington, DC, with nickel joining copper and tin in setting fresh new multi-month highs but gold turning lower.

Markets seem to be anticipating a Democratic win in the Georgia Senate run-off this morning, Wednesday January 6, and that could be bullish for commodities because a Democratic-controlled US Congress could push through larger fiscal stimulus packages.

The American steel industry isn't happy with recent changes to the way the United States Commerce Department administers the Section 232 tariff exclusion process.