Comex copper prices saw extended buying in the morning of Wednesday October 11 in the USA with Chinese investors providing a boost for the complex.

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.

Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.7% this morning, Wednesday October 11. Zinc prices lead the decline with a 1.3% drop, followed by lead prices (-1%), nickel (-0.7%), tin and aluminium (-0.5%), while three-month copper prices are off by 0.2% at $6,739 per tonne.

Base metals prices, with the exception of tin, on the Shanghai Futures Exchange (SHFE) were stronger during Asian morning trading on Wednesday October 11, amid renewed optimism in the markets after the International Monetary Fund (IMF) raised its global economic growth forecast.

Comex copper prices inched upward in the morning of Tuesday October 10 in the US, with markets remaining constrained following holidays in the USA, South Korea and Japan.

Base metals prices veered either side of overnight closing values during routine London Metal Exchange pre-market trading on Tuesday October 10, consolidating current levels as the market took stock of China’s post-holiday business resumption, traders said.

Base metals prices on the London Metal Exchange are for the most part weaker this morning, Tuesday October 10, with prices down by an average of 0.3%. The exception is copper where three-month prices are up by 0.4% at $6,693 per tonne. The rest are off between 0.1% for tin prices and 0.8% for nickel prices. Volume has been average with 9,001 lots as of 07:11BST.

Base metals prices on the Shanghai Futures Exchange (SHFE) were broadly lower during Asian morning trading on Tuesday October 10, with only copper and nickel managing to post gains – the latter tracking the strong performance of the London Metal Exchange’s three-month nickel price seen on Monday.

Comex copper prices were little changed to start the new week on Monday October 9, although the friendly economic backdrop is expected to keep prices supported.

The reopening of Chinese markets this morning, Monday October 9, after last week’s holiday has led to a fairly strong start to the week for the base metals, the exception being lead, which is the sole metal in negative territory.