London Metal Exchange three-month base metals prices consolidated near recent highs in the morning session on Wednesday July 15, becoming firmer on macro rhetoric after a price drop following the previous day's sell-off.
"It seems the market has been able to overlook reports of rising Covid-19 infections rates and growing US-Sino tensions," Fastmarkets research analyst Andy Farida said. "News of a potential Covid-19 vaccine looks to be fuelling an overall recovery in risk sentiment today. But we remain mindful that most base metals prices remain overstretched on the upside and are simply relying on short-term macro play while some base metals' very own fundamental backdrop does not justify the elevated price action,"...