Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday February 14, with positive market sentiment emerging amid stronger than expected Chinese trade data, while US-China trade talks indicate a potential resolution.
Climbing just under 1% this morning, copper's three-month price continues to trade comfortably above $6,100 per tonne, while LME stocks continue to trend lower and remain at a decade-low.LME data continues to show dominant warrant holding positions across 50-79% of stock and tomorrow/next positions, while there remains one position also holding 40-49% of cash positions.Similarly, despite trending lower for much of the week, both zinc and lead futures pushed higher over the morning, with the former now trading back above $2,600 per tonne after closing below the mark at Wednesday's close. Positive sentiment surrounding US-China trade is also beginning to manifest, with US president Trump considering an extension of the deadlines for raising US import tariffs on Chinese products by 60 days. US tariffs on around $200 billion worth of Chinese imports are set to rise to 25% from 10% on March 1, should the two countries fail to reach a trade...