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.

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

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.

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.

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

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.

While US-China trade talks continue, the market seems to be clinging on for an eleventh-hour deal this morning, Friday May 10, because key markets are holding up surprisingly well. But, if a deal does not miraculously emerge soon then further disappointment is likely to set in.

Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.9% this morning, Tuesday January 30.

Three-month base metals prices on the London Metal Exchange were for the most part firmer this morning, Wednesday December 12, with average gains of 0.3%. This after the complex climbed by an average of 0.4% on Tuesday, which followed Monday’s test of support levels – that held.