LME base metals close mixed

With little to give direction, LME base metals have closed mixed with copper down 0.5 per cent but aluminium up 0.2 per cent and tin gaining 1.2 per cent.

Base metals on the London Metal Exchange (LME) have closed mixed as the market sought fresh directional pointers.

The metals largely shrugged off upbeat US home sales data, which could have been interpreted as pointing to robust demand.

At the close of open-outcry trading in the London ring on Wednesday, LME 3-month copper was 0.5 per cent lower on the day at $US7,025.50 per metric ton.

Aluminium rose 0.2 per cent to $US1,774 per ton.

Tin, the most thinly traded metal, climbed 1.2 per cent to close at $US23,570 per ton.

"With no fresh news out overnight, LME prices spent the morning session edging quietly higher but in fairly thin conditions," noted analysts at broker Sucden Financial.

"The gentle rallies were still seen by many as opportunities to sell which eventually capped the upside. Copper failed to break through $US7,100 and as the US dollar strengthened in the afternoon prices began to retreat and light stops were triggered," said the analysts.

A stronger greenback damps the appeal of greenback-denominated assets to buyers holding other currencies.


1 min read

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Source: AAP


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