Market NEWS Today (25.04) Copper price rises; base metals consolidate

Top 5 things you need to know in the financial Markets on Tuesday:

• Global stocks, euro extend French election rally
• Dozens of U.S. earnings ahead
• Oil attempts to break 6-day losing streak (later in text)
• North Korea conducts live fire drill as tensions rise
• U.S. slaps tariffs on Canadian lumber

For further info about these subjects, visit https://www.investing.com/

LME :

Base metal prices on the London Metal Exchange were generally up this morning, with copper seeing the biggest increase.

Lead and tin were the only base metals to see a decline, but aluminium is trading only at $1 per ton higher than Tuesday’s kerb.

Nickel prices set fresh lows for the year at $9,245 per ton yesterday but is the metal is currently trading at $9,265 as it continues to suffer from free-falling prices earlier this month.

French Elections Results:

There may be some slight growing confidence in the market due to the results of the French elections over the weekend. Presidential candidates Emmanuel Macron and Marine Le Pen won the first round of voting in the French election on Sunday and will head into a run-off second round on May 7.

Alastair Munro of Marex Spectron noted: “While our latest speculative positioning estimates broadly highlights the recent theme of long liquidation, with nickel and zinc now seeing shorts established, traders in the base metals complex focus on broad trading ranges.”

Copper prices also found support in the news that US president Donald Trump will unveil more details of his tax reform plans on Wednesday.

Copper price rises

The three-month copper price saw a $40.50 increase to $5,695.50 per ton. Copper stocks fell by 2,600 tons to 262,250 tons. LME on-warrant stocks have fallen four days in a row. Anglo American has reported a 3% year-on-year drop in copper production during the first quarter of 2017.

Munro said: “Also Freeport has indicated plans to increase open pit production at Grasberg to 145kt/day and deep zone ore output to 40kt/day. It appears that union workers are still planning to strike in May.” Workers at Freeport-McMoRan’s Grasberg copper mine are said to be planning a month-long protest around the same time that exports are expected to resume.

Other base metals up

The three-month aluminium price rose by $1 to $1,947 per ton as it aims to bounce back above $1,950 per ton. Aluminium stocks fell by 9,325 tons to 1,668,325 tons, with 105,425 tons of freshly cancelled stock.

Nickel is trading at $9,265 per ton, a $5 increase on yesterday’s kerb. Stocks fell by 324 tons to 386,172.

The three-month zinc price has seen a $13.50 per ton increase to start trading at $2,617.50 per ton. Zinc inventories fell by 1,525 tons to 351,675 per ton.

Tin and lead decline

Lead was one of only two metals to fall, seeing a $2.50 decline to $2,160.50 per ton. Stocks were down 600 tons to 166,325.

The three-month tin price fell by $30 per ton and is currently trading at $19,620 per ton. Inventories fell by 75 tons to 3,095 tons.

Currency moves and data releases

• The dollar index was recently down 0.06% to 98.99.
• In other commodities, the Brent crude oil spot price was up 0.12% to $51.66 per barrel.
• In equities, the FTSE 100 was up 10.56 to 7,275.24.
• On the economic agenda, data on US CB consumer confidence, house price index, new homes sales and UK public sector borrowing is due today.