Base metals prices on the London Metal Exchange were mixed at the close of trading on Friday February 1, with most futures prices ending the week higher amid continued weakness in the US dollar index and LME stock drawdowns.
Despite consolidating 0.5% lower over the afternoon, copper's three-month price remains well supported above $6,100 per tonne. While on-warrant material is now above 100,000 tonnes, around 29% of LME stock is now canceled. Significant inflows of copper, aluminium and zinc material into China's SHFE warehouses this morning also prompted negative price sentiment.LME volumes were moderate over the day's trading, with copper's 14,000 lots topping the complex.Across the LME's warehouse network, total inventories in base metals remain in a downtrend, however, with both zinc and lead nearing decade-lows. In copper, there now remains one dominant warrant-holding position, with 50-79% of LME stock. Similarly, in nickel, a dominant warrant-holding position remains in place across LME stock, tom/next and cash positions, while the...