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.

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.