With the exception of aluminium, base metals on the London Metal Exchange staged a modest recovery at the close of trading on Thursday July 12, led by a 2.2% surge in nickel prices, while the market continues to adjust to the escalating trade rift between the US and China.
"Markets are still waiting for the trade situation to resolve itself; either the escalations continue, or one party or another breaks the logjam by forwarding new proposals that could see negotiations start and a truce take effect," INTL FCStone analyst Edward Meir said. "Some are suggesting that something could happen once the November [US mid-term] elections are over, but we suspect that this will be too long to wait and that a resolution will need to be 'seen' by the markets well before then," he added. Climbing 1.3% over the afternoon, copper's three-month...