LME base metals close mixed

LME metals have closed mixed with copper and nickel both down 0.3 per cent, but aluminium up 0.4 per cent.

Base metals on the London Metal Exchange (LME) have closed mixed, having traded in tight ranges in quiet market conditions.

At the close of open-outcry trading on Tuesday, LME three-month copper was down 0.3 per cent on the day at $US7,076 a metric ton.

Aluminium closed 0.4 per cent higher at $US1,707 a ton.

Following gains in the previous session, analysts said the LME's flagship metal, copper, ran into strong resistance at its 200-day moving average of $US7,150 a ton.

"Buying in Asia remains lacklustre, which is still capping base metal rallies," said Standard Bank in a note to clients.

"To a large extent, nickel continues to garner plenty of attention as the Indonesian ore ban remains in place," the bank added.

Nickel closed down 0.3 per cent at $US14,160 a ton.

An ore export ban imposed by key producer Indonesia in January has put a cushion under prices as it underlines risks to the global supply chain for metals such as nickel and tin.


1 min read

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Source: AAP


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