London Metal Exchange base metals prices were down at the close on Tuesday May 12, while the previous day's rally abated with the complex absorbing market optimism for a global commercial restart.
"There were a lot of the positive dynamics that led to yesterday's price rebound, from a recovery in global equities markets, to the reopening of China and the easing of lockdowns in Europe," Fastmarkets research analyst Andy Farida said. "But the risk-off tone today is a gentle reminder that the global health crisis has merely abated and it can do more damage. Market participants are growing weary that returning to pre-Covid normality will take months rather than weeks. As such, this could unsettle the recent buyers and their conviction will be put to...