Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Wednesday February 13, with broad strength in the dollar index capping gains, while developments in the US-China trade rift are doing little to lift prices.
Three-month aluminium, nickel, zinc and lead prices consolidated lower after a poor performance at Tuesday's close. A downtrend in LME stocks remains in effect across all of the said metals. In particular, more than 300,000 tonnes of aluminium has been booked for removal from mostly Malaysian locations in 2019 so far, but the metal's three-month price has failed to push higher, continuing to trade below $1,900 per tonne. A total of 47% of LME stock is now canceled. Aluminium futures have not traded above $2,000 per tonne since October 2018. Open interest in the light metal remains at its highest level since July 2018, at more than 902,000 open positions. "Metals prices fell across the board yesterday though stock markets were firm. Furthermore, they are beginning today almost...