LME: copper price up; all other base metals slightly lower this morning

Friday April the 21^st LME:

Copper was the only base metal which went slightly up in this mornings trade. All other base metals prices fell.

With the three-month aluminium price falling $2 per t and zinc dropping $10.50 per t.

“The market is looking volatile at the moment; we have had a few quiet days but have recovered from earlier week weakness.” (FastMarkets)

LME copper prices hit three-month lows at the start of the week but have rallied in the past few days. Instantly, it is trading at 0.5% higher than Thursday’s kerb price.

“Dip-buying appears to have emerged into the recent weakness in base metals prices, this fits in with our overall view to remain mildly bullish for the complex,” Metal Bulletin analyst William Adams noted. (FM)

Copper prices edging up

The three-month copper price rose by $28.50 to $5,651.50 per ton. While copper stocks fell by 50 ton to 268,400ton, with 11,025 of freshly re-warranted copper. Global refined copper market posted a surplus of 51,000t in January, the International Copper Study Group (ICSG) said in a monthly report on April 20.

Chile’s Codelco suspended operations at a concentrator plant at its Salvador copper mine after a supervisor died in an accident. The facility produced 60,000 tons of copper in 2016. (Reuters)

All other base metals see decline

Aluminium price in three-month report fell by $2 to $1,941 per ton as it restored above $1,900. Inventories were down 14,925t to 1,687,875t. Nickel’s three-month price fell by $35 to $9,445 per ton – nevertheless bouncing back from dips over the last few days.

Stocks for nickel increased by 5,208 t to 380, 946 t. Zinc price (3months) started trading at $2,621.50 per ton, down $10.50 on yesterday’s kerb. Inventories fell 1,300 tons to 355,150 tons.

“Data released by China’s NBS showed its domestic zinc production fell to 504,000 tons in March, the lowest level in a year as smelters conducted maintenance during the recent ore shortage,” ANZ Research said on Friday.

Lead was trading $6 lower this morning at $2,153.50 per ton. Stocks were down 500 tons to 167,175 tons.

Tin price in three-months fell $15 to $19,860 per ton as it failed to rally back above the $20,000 per ton mark. Inventories for tin were unchanged at 3,195 tons for the second day in a row.

Currency moves and data releases

• Dollar index was down to 99.76, a 0.08% decrease.
• The Brent crude oil spot price fell by 0.02% to $52.97 per barrel.
• The UK FSTE 100 was up 2.58 to 7121.12.
• In data, EU consumer confidence was -4 for April after being forecast at -5, while the CB leading index was 0.4% for March.
• EU and US flash manufacturing and services PMI, EU current account, US existing home sales and UK retail sales are due.