Base metals on the London Metal Exchange edged higher during morning trading on Tuesday July 3, supported by a downtick in the dollar index while turbulent trade relations between the United States and major economies continue to destabilize commodities.
"London has seen a re-emergence of the systematic sell programs after the poor closes last night, where most [base metals] settled on the session lows," Alastair Munro, LME desk at Marex Spectron, said. "We are of the opinion that while there are shorts now established in some of these metals, we need a turn in our spec positioning estimates before viewing this as anything more than a short-term bounce," he added. Despite edging 0.8% higher, copper prices continue to trade in a downward trend, shedding more than 10% of price gains made in early June and drifting toward $6,500 per tonne. The metal continues to record marginal upticks however,...