The London Metal Exchange base metals prices stabilized in morning trading on Tuesday November 17 after a euphoric trading session on Monday, when the markets were boosted by Chinese economic data and news of another successful Covid-19 vaccine trial.
Copper, aluminium, zinc and tin all had gains of 1% or more on Monday morning, while on Tuesday morning there were no gains above 0.8%. Vaccine news has worn off since its impact on populations is still some months away and lockdowns remain the principal course of action in the west, according to Fastmarkets head of base metals and battery research William Adams.
"This could once again hit demand, but equally it could disrupt supply, but more light at the end of the tunnel will also give markets something to think about and that might well lead to positions being...