LIVE FUTURES REPORT 13/06: Base metals mixed in midweek session

Base metals were mixed Wednesday ahead of the Federal Reserve releasing its decision on whether to raise rates.

Metals finished lower... and we are mostly mixed right now in very quiet trading as markets are basically on Fed watch, INTL FCStone analyst Edward Meir said.

Meanwhile, Glencore-owned copper producer Katanga Mining has settled its legal dispute in the Democratic Republic of Congo with state-run miner Gécamines and has agreed to resolve the capital deficiency at their jointly owned operating subsidiary, Kamoto Copper Co.

Investors’ appetites were also dented following weaker-than-expected Chinese social financing growth data in May.

China’s total social financing growth, a broad measure of credit and liquidity in the economy, declined to 760.8 billion yuan ($118.75 billion) in May, less than half of the gain recorded in the preceding month. It was also the lowest reading in 22 months.

Aluminium, zinc, and tin price tick lower; lead price up

  • The three-month copper price closed at $7,257 per tonne, an increase of $35 per tonne from Tuesday’s close. Stocks fell a net 2,775 tonnes to 293,450 tonnes.
  • Aluminium’s three-month price slumped $27 per tonne to $2,275 per tonne. Inventories declined 8,775 tonnes to 1,153,875 tonnes.
  • The three-month nickel price jumped $415 to $15,625 per tonne. Inventories were down 972 tonnes to 277,014 total tonnes.
  • The three-month zinc price edged up $17 to $3,216 per tonne. Stocks fell 1,750 tonnes to a total of 245,150 tonnes.
  • Lead’s three-month price recently settled at $2,485 per tonne, rising $10 from Tuesday’s close. Inventories dipped 125 tonnes to 132,625 tonnes.
  • The three-month tin price plunged $250 to $20,875 per tonne, while inventories were unchanged at 2,500 tonnes.

Currency moves and data releases

  • The dollar index was down 0.3% to 93.56.
  • In other commodities, the Texas light sweet crude oil spot price was down 0.5% to $66.03 per barrel.
  • In US data on Tuesday, the core consumer price index (CPI) rose marginally in May by 0.2%, better than the expected increase of 0.1%.
  • For today, the US PPI gained 0.5% and crude oil inventories stood at -4.1 million barrels.
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