Base metals prices on the Shanghai Futures Exchange were predominantly higher during Asian morning trading on Wednesday January 16, with the complex continuing to find support from Chinese authorities’ pledge to slash taxes as part of a new stimulus drive.

Misplaced optimism seems to be driving gains in the London Metal Exchange’s three-month nickel price, especially amidst weak global economic growth and ongoing trade tensions between the United States and China; granted there is growing concern over nickel supply from Indonesia but this remains a long-term play.

Three-month base metals prices on the London Metal Exchange were down across the board by an average of 1% on the morning of Thursday July 19. Losses were ranged between a 0.1% drop for aluminium and a 2% fall for zinc. The three-month copper price was down by 0.8% at $6,129 per tonne.

China’s top copper concentrate buyers are in a fix.

Base metals prices are weaker this morning, Wednesday May 24, with prices down an average of 1.1% on the London Metal Exchange, as Moody’s Investors Services has cut China’s debt rating to A1 from Aa3 – the first cut since 1989.

A broad base of markets have steadied themselves this morning, Friday May 24, following the risk-off that unfolded over Wednesday and Thursday and was driven by deteriorating US-China trade relations and further weakness in flash purchasing managers’ index (PMI) data.

Base metals on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it would not impose secondary sanctions against UC Rusal.

China’s economic growth slowed to 6.2% in the second quarter of this year - in line with expectations and well within Beijing’s target of 6-6.5% growth for 2019 - but market participants continued to focus on the fact that this was the country’s lowest gross domestic product (GDP) growth in nearly three decades.

Three-month base metals prices on the London Metal Exchange were for the most part weaker this morning, Tuesday January 8.

Base metals prices on the Shanghai Futures Exchange continued to slide during morning trading on Wednesday August 15, following disappointing Chinese economic data that heightened concerns over slowing growth in the world’s second largest economy.