London Metal Exchange three-month base metals prices continued to consolidate at the close on Tuesday October 6, with China's absence during the regional Golden Week holiday being felt, with the complex somewhat directionless as a result.
LME futures prices, with the exception of aluminium and nickel, retraced previous gains in the afternoon trading session in anticipation of China's return to the market after the country's national holiday (October 1-8). "Generally the LME base metals complex is holding up very well. The consolidation remains a good example of healthy retracement, with key support levels being tested," Fastmarkets research analyst Andy Farida said. "Most metals are holding near recent lows and sellers don't seem keen to venture lower because...