LME base metals close mixed

LME base meals have closed mixed with little to guide trade, with copper flat, aluminium down 0.4 per cent but nickel up 1.6 per cent.

Base metals on the London Metal Exchange (LME) have closed mixed, while copper remained under pressure on account of lingering jitters about the future of demand in China.

At the close of open-outcry trading in the LME ring on Thursday, three-month copper was flat at $US7,025 per tonne.

Earlier in the session, the metal had hit its lowest level since December 4 at $US6,993.50 per tonne.

Aluminium closed 0.4 per cent down on the day at $US1,768 per tonne, while nickel rose 1.6 per cent to close at $US14,440 per tonne.

Liz Grant, a senior account executive at broker Sucden Financial said there were "few clues as to where we might finish the week tomorrow".

"Poor sentiment over Chinese demand continues to weigh on prices with reports of stockpiles in Shanghai growing and premiums in retreat," she added.

China accounts for 40 per cent of the global demand for copper and some investors fear a cooling of demand from its property sector may dent growth in demand.

China purchasing managers index data, due for release on Monday, will likely dictate short-term price activity with any downbeat readings potentially adding a further degree of pressure to the LME complex.


2 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Watch now

Watch the latest news videos from Australia and across the world