LIVE FUTURES REPORT 28/11: Base metals tread lower

Base metals prices on the London Metal Exchange opened the session mostly in negative territory on Tuesday November 28, with nickel leading the retreat - down by around 2.3%.

The three-month nickel price opened the day $265 lower to $11,325 per tonne around 9:50AM London time. Weak demand for stainless steel is putting pressure on the metal, analysts said.

All other base metals also fell during that time.

“High volume and broad-based weakness for the second morning running do not bode well for the day ahead,” Metal Bulletin senior analyst William Adams said.

Copper slides around $99 on the LME

  • Copper fell 1.42% to $6,830.50 per tonne.
  • The metal showed signs of weakness on the Shanghai Futures Exchange, following concerns about economic growth in Asia.
  • China’s industrial profits rose 25.1% year on year in October, lower than the 27.7% jump in September.

All other base metals slide

  • Aluminium fell $16.50 to $2,115 per tonne.
  • Zinc was down $43 to $3,143 per tonne.
  • Lead traded $25.50 lower to $2,438 per tonne.
  • Tin ticked $15 to $19,490 per tonne. Lower LME tin prices are the result of heavy rain in Indonesia, one trader said.

Currency moves and data releases

  • The dollar index was up to 92.99, a 0.1% climb.
  • In other commodities, the Brent crude oil spot price was down 0.61% at $63.34 per barrel.
  • The OECD Europe Economic Outlook report is due later this morning.
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