Base metal prices on Shanghai Futures Exchange were all higher during Asian morning trading on Friday November 10, with lead the outperformer as it finds support from expectations of increased demand, while environmental crackdowns in China have tightened supply of the metal.

China copper buyers and sellers can now speculate on or hedge out forward premiums without signing long-term contracts.

Metal Bulletin Research rounds up the sentiment at LME Week as ‘fairly upbeat’, with that bullishness rooted in supply-side themes and optimism for electric vehicles. But there was certainly a sense among many that prices have already done enough on the upside for the time being. And while China’s economy will continue to expand next year, growth will be slower, and as we’ve seen in the past few years, the market is quick to get bearish when China slows. So we’d summarise sentiment as cautiously bullish overall.

Base metals traded on the London Metal Exchange remain under downward pressure this morning, Wednesday November 8, posting an average loss of 0.2%.

Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Wednesday November 8, with nickel the worst performer as investors closed positions to lock in profits, while copper and zinc were pressured downwards by concerns of soft demand.

Base metals traded on the London Metal Exchange witnessed marginal profit-taking this morning, Tuesday November 7, with the complex down by an average of 0.4%.