Rabobank will close its commodity trade finance desks in London, Shanghai and Sydney after reviewing the embattled sector last summer.

The base metals on the London Metal Exchange were mainly stronger this morning, Monday January 18, aided by some strong economic data in China, including gross domestic product (GDP) that showed growth of 6.5% year on year in the fourth quarter, which was stronger than the 6.2% expected and up from 4.9% in the third quarter.

The London Metal Exchange base metals failed to hold on to the excitement from US President-elect Joe Biden’s speech overnight, with zinc and nickel the hardest hit and copper once again falling below $8,000 per tonne on Friday January 15 and most of complex trading in negative territory.

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.

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 for the most part weaker during morning trading on Monday January 11, while the dollar was firmer in line with strong US treasury yields.

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.