Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part firmer this morning, Friday February 19, on the back of expectations for stronger demand from a widespread recovery and due to the underlying momentum.

China’s metals industry returned from holiday to find metal prices were higher and it would appear have chased prices higher, with all the base metals on the London Metal Exchange and Shanghai Futures Exchange showing gains this morning, Thursday February 18.

Recovery hopes tied into the rollout of Covid-19 vaccines and some brighter economic data has driven up bond yields that in turn has lifted the dollar, and that seems to be creating some hesitancy in the metals this morning, Wednesday February 17.

Even with Chinese market participants on holiday, base metals prices on the London Metal Exchange have for the most part been bullish on Monday February 15, with the exception of zinc.

With Greater China on holiday, base metals trading on the London Metal Exchange has been quiet this morning, Friday February 12, with prices little changed and trading volumes light - but so far prices are holding up in high ground.

Trafigura is set to open an office in Toronto, Canada, to help foster links with mining companies based in the region, sources told Fastmarkets.

Base metals prices were putting in a strong performance on the last trading day before the Chinese New Year holiday, with all the metals, with the exception of an already strong tin, seeing gains this morning, Wednesday February 10.

With the exception of tin, base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were firmer this morning, Tuesday February 9, as were the precious metals and oil, while the US dollar continued with its recent pullback.

Base metals prices on the London Metal Exchange were mainly weaker this morning, Monday February 8, while those on the Shanghai Futures Exchange were mostly firmer, but this comes after a strong performance on the LME on Friday, when prices closed up by an average of 1.7%.

Three-month base metals prices on the London Metal Exchange were up across the board on the morning of Friday February 5, led by a 1.4% gain in nickel, with the US Dollar Index easing after reaching a three-month high on Thursday.