London Metal Exchange three-month base metals prices rose on Tuesday May 5, buoyed by increasing optimism for an increase in demand amid expectations that Covid-19 trade restrictions will continue to be eased in some parts of Europe while China's restart gathers momentum.
China's market absence - due to the Labor Day public holiday from May 1 to May 5 - failed to dampen upward price momentum across the complex today, with a degree of economic optimism in Europe and the US instead offering support to LME base metals futures. "The combination of Chinese stockpiling and the prospect for a pick-up in demand, albeit a slow recovery, may well underpin prices and provide some support," Fastmarkets head of base metals research Will Adams said.The LME three-month nickel price, typically an Asian market proxy, rose despite China's absence, breaching the $12,000-per-tonne psychological level and closing up 1.6% at $12,002...