Base metals price on the London Metal Exchange were mostly lower during morning trading on Monday December 17, with most metals broadly rangebound during the low-volume morning session, while looming US-China trade tensions keep investors cautious.
The three-month aluminium price consolidated lower and continues to trade below $1,950 per tonne, shrugging off a 5% increase in LME stocks after just under 20,000 tonnes was delivered into LME-listed warehouses in Port Klang, and another 27,000 tonnes placed back on-warrant in the same location. "The backwardation [in the December/January forward curve] has attracted some tonnes for warranting, it's not that surprising," a European aluminium trader told Fastmarkets. Similarly, decade-low LME stock levels for both zinc and lead continue to prompt little movement in both metals' three-month prices, while tightness in zinc's forward curve has eased from its widest backwardation in 10 years, recently at $27 per tonne. "Outright interest is likely to remain...