Positive developments in the US-China trade dispute kept London Metal Exchange base metals prices mostly elevated at the close on Tuesday December 4, although broad strength in the dollar is capping price rallies.
Climbing more than 2%, the three-month lead price was the strongest performer over the afternoon, closing above $2,000 per tonne for the first time since November 21. Meanwhile, the three-month aluminium price reached an intraday high of $1,985 per tonne and continues to make significant steps toward the $2,000 per tonne threshold, a level it has not breached since November 8. "We cannot ignore that LME aluminium's micro-dynamics are somewhat price supportive. Global inventory levels are falling, with total LME stocks edging lower to 1,046,275 tonnes this morning," Fastmarkets MB analyst Andy Farida said. "On the [Shanghai Futures Exchange], stocks continued to draw down, with 19,099 tonnes removed and net holdings at...