Commodity traders have long forecast that there would be consolidation in their own industry, and in some of the world’s biggest centers for metals business that has already started to happen.

The base metals were consolidating recent gains but generally holding up near high ground this morning, Thursday November 19 – this despite some nervousness emerging in wider markets about the rapid spread of Covid-19.

The benchmark three-month aluminium price on the London Metal Exchange fell just short of the $2,000-per-tonne mark at the 5pm close on Wednesday November 18, ending the day at $1,998 per tonne, up by 1% from the previous day’s close.

The metals were looking robust this morning, Wednesday November 18, and for the most part are managing to drive higher despite concerns about the rapid spread of Covid-19 and some mixed economic data of late.

In the closing session of this year’s International Ferroalloys, which was held virtually November 9-11, Fleur Ritzema, global minors, ores and alloys editor at Fastmarkets, and Fastmarkets' analysts Amy Bennett and Robert Cartman summed up the key market drivers for the rest of 2020 and beyond.

Markets were generally buoyant on the back of relief that a potential Covid-19 vaccine has been found, but the metals also seem hesitant this morning, Tuesday October 11, about what this will mean to the markets given how much they have run up already since the March lows.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mainly lower this morning, Tuesday November 10, while prices consolidated after Monday’s double dose of positive news - that of Joe Biden winning the US presidential election and Pfizer announcing progress toward a potential Covid-19 vaccine.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mainly stronger this morning, Monday November 9, after markets reacted positively to Joe Biden winning the US presidential election and the resulting weaker dollar.

Deliverable stocks of base metals in Shanghai Futures Exchange-registered warehouses were little moved in the week to Friday November 6, with the biggest percentage change seen in lead at 6.5%.

Market participants in China are increasingly confident that Chinese authorities will revive steel scrap imports into the country in 2021 following the release of new domestic scrap classification standards.