Base metals prices on the London Metal Exchange edged lower during morning trading on Monday July 2, with ongoing global trade tensions and subsequent dips in equity indexes continuing to deter market investment.
"European PMI numbers came in lower this morning, and people are backing away. The Chinese have backed off quite a lot. The appetite to price metal there is quite low. Copper is showing every intention of drifting further, and could stay below $6,500 per tonne in the near term," Malcolm Freeman, director and chief executive officer of Kingdom Futures, told Metal Bulletin. "While equity markets have corrected themselves by 10-15% already, I get a feeling that another 10% correction could be on its way," he added. Elsewhere, copper's three-month price ticked 0.6% lower over the morning, reaching a low of $6,550 per tonne. Coming under...