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The three-month copper price fell by over $200 at the end of last week but is trading back above $6,700 per tonne this morning as stocks continue to fall.
Nickel prices were among the worst affected on Friday, falling by 5.6%. The metal was last trading $75 higher as it looks to regain some ground.
“Friday’s corrections in the LME metals prices were to some extent expected and overdue as it has recently felt like prices had run ahead of the fundamentals. With no missile launches from North Korea over the weekend the markets seem to be breathing a sigh of relief and the corrections have paused. Whether the pause continues to attract dip buying remains to be seen,” Metal Bulletin senior analyst William Adams said.
Lead prices also edged higher despite 11,100 tonnes of stock being re-warranted, with the majority in Busan and Rotterdam. This follows a large re-warranting last week.
Aluminium prices have been little changed recently and edged up higher this morning as prices continue to hold up well.
“It might be useful to focus on the fact that while there has been possibly an overreaction to potential rather than actual news, nothing has changed physically in the world of metals in the last 72 hours and before this collapse the world at large was very bullish for metals prices,” Malcom Freeman of Kingdom Futures said in a note.
Copper recovers
Other base metals prices
Currency moves and data releases