Base metals prices on the London Metal Exchange were mostly lower at the close on Tuesday January 16, however tin prices shocked the complex by rallying $170 per tonne.
The complex's rallies took a pause while the dollar pulled up from Monday's three-year low. "The strong performance seen yesterday on the LME was wiped out today as [Asian] traders hit the sell button from the Asia open. Even with a slightly firmer USD we struggled to pinpoint a trigger for the aggressive move south other than profit-taking," Sucden Financial's daily report said. The three-month nickel price closed over 2.5% lower while the year's early bullish momentum began to falter. Copper prices dropped over $100 per tonne to close just above $7,000 per tonne. Volume was strong today, with 23,308 lots traded by the 5pm close. "After amassing their...