A recovery in the exchange rate between the Chinese offshore yuan and the US dollar helped to steady base metal futures in London on Tuesday August 6, after heavy losses in preceding days, although the price of copper, the complex leader, remained on a downtrend.
At $5,683 per tonne on Tuesday, the price of copper, 3 months, London Metal Exchange Daily Official, was down by $2 per tonne from the close of trading at 5pm on Monday.This marked a full seven-day week of LME copper price declines at the closes on consecutive days, down by 5.6% from $6,018 per tonne on July 29.Still, market sentiment was buoyed after China unexpectedly fixed its offshore yuan currency at less than 7.1 yuan...