China’s reserve authority has finally approved fresh stockpiling of cobalt metal, casting some hope for the pandemic-weathered market, especially for cut cathode amid aerospace negativity.

In the absence of any dominant themes at present the base metals and broader markets were mixed this morning, Friday September 11, but prices were generally on the back foot following the emergence of some weakness in recent days, especially in US tech shares.

The three-month copper price was the standout underperformer during morning trading on Thursday September 10, after a complex-wide sell-off emerged during the Asian trading session, while LME nickel futures continued to correct firmly below the $15,000-per-tonne threshold.

A rebound in the United States’ Nasdaq Composite Index on Wednesday September 9 may have underpinned broader markets, but the base metals were less convinced with most ending the day in negative territory.

Ivanhoe Mines is considering construction of a new copper smelter to treat Kamoa Kakula copper concentrates following the recent push by the government of the Democratic Republic of the Congo (DRC) to facilitate local processing of copper ore.

United States-based electric vehicle maker Tesla’s failure to be listed as an S&P 500 company led to a 20% share price fall on Tuesday September 8, that in turn led to a 4% fall in the Nasdaq index – markets are wondering whether this will be a catalyst for a broader reality check? Or just provide another dip-buying opportunity?

Three-month base metals prices on the London Metal Exchange were mixed during morning trading on Monday September 7, with low turnover across the Asian trading session prompting sideways trading, while an ongoing drawdown in LME copper stocks kept the red metal’s underlying price elevated.

London Metal Exchange base metals prices were mixed this morning, Monday September 7, as were pre-market major western equity index futures, while metals on the Shanghai Futures Exchange were mainly firmer and Asian-Pacific equities were mixed too.

London Metal Exchange base metals prices were firmer this morning, Friday September 4, but this appears to be early bargain-hunting/consolidation after Thursday’s 1.5% average decline. Asian equities and base metals prices were weaker while they followed yesterday’s weakness in western markets.

Markets were mixed this morning, Thursday September 3, with the base metals prices on the London Metal Exchange generally firmer, albeit in fairly light volumes.