Base metals prices on the London Metal Exchange were down across the board this morning, Thursday September 24, while risk-off gathered pace on concerns that the Covid-19 pandemic is spreading aggressively again.

Base metals prices on the London Metal Exchange have rebounded this morning, Tuesday September 22, after weakness in equities on Monday dragged them lower.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were for the most part little changed to firmer this morning, Monday September 21, with only December nickel in Shanghai showing a loss.

This time yesterday base metals prices were down across the board, but with the exception of Shanghai Futures Exchange tin, they were all up during morning trading on Friday September 18 – showing sentiment remains bullish overall with dips being bought.

Three-month base metals prices on the London Metal Exchange were collectively lower during morning trading on Thursday September 17, with selling pressure emerging after the US Federal Reserve pledged to keep interest rates low on Wednesday, but offered little in the way of further fiscal stimulus.

The weakness in metals and equities this morning, Thursday September 17, indicates markets were taking the US Federal Open Market Committee’s (FOMC) projections and comments that they will likely keep interest rates on hold through at least 2023 as suggesting there will continue to be tough times ahead in the real economy.

Three containers of copper from Turkey heading to a Chinese smelter have been discovered to have been filled with bricks upon arrival in Lianyungang port in China, sources have told Fastmarkets.

The stronger tones in the base metals that have been seen this week were struggling to push ahead this morning, Wednesday September 16, because the market is waiting for direction, which is expected to come out of this evening’s US Federal Open Market Committee (FOMC) meeting.

Base metals prices were for the most part firmer this morning, Tuesday September 15, supported by some good Chinese economic data.

Base metals prices and equity markets were for the most part firmer on Monday September 14, and the common theme seems to be higher hopes for Covid-19 vaccines.