Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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October 2018 | Base Metals

Metals generally firmer this morning despite weakness in other markets

The base metals are mostly slightly firmer this morning. But in this climate of uncertainty, consumers and would-be buyers may not feel in any hurry to chase the market higher, so we expect more sideways trading. However, should equity markets correct lower that could add further downward pressure on the metals.

Three-month base metals prices on the London Metal Exchange were for the most part firmer with gains averaging 0.6% on the morning of Friday October 19, but this follows a general down day on Thursday, when the complex closed down by an average of 0.8%. This morning, prices range from slightly lower on lead to up by 2.1% for nickel, while copper is up by 0.7% at $6,174 per tonne. Volume has been average with 6,824 lots traded as of 08:02am London time. The precious metals were split with gold and silver prices slightly lower, while platinum and palladium are up by 0.4% and 1.2% respectively. The spot gold price was at $1,223.30 per oz In China, the base metals prices were divergent with January nickel up by 1.7%, while the rest of the complex was down by an average of 0.7%....


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