Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were once again mixed this morning, Wednesday January 20, but the likelihood of plentiful US fiscal stimulus in the days ahead is likely to underpin markets at least for a while, although any new measures to tackle Covid-19 may well become a headwind.

Covid-19 appears to have claimed another casualty: the London Metal Exchange ring trading floor.

Copper was the only base metal on the London Metal Exchange to register a gain during morning trading on Tuesday January 19, while aluminium’s forward price continued to drop and tin recorded the biggest decline, with the complex still capped by a firm dollar.

After an extended consultation period, Fastmarkets has decided to amend its discount assessment for No2 copper scrap imported into China so that it is aligned with the country’s new import policy for such material.

Base metals prices on the London Metal Exchange were mixed this morning, Tuesday January 19, but aluminium prices have followed recent weakness in zinc, breaking support levels in the process.

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.