Base metals prices on the London Metal Exchange were weaker during morning trading on Monday February 19, with most metals reversing gains seen last week.
The three-month copper price was recently trading $62.50 per tonne lower than Friday's 5pm closing price and coming under pressure at the $7,200 per tonne level. Market volumes are expected to remain thin today with Chinese traders away for the New Year holiday and the United States out for Presidents Day. "Base metals eat into last week's rally as the dollar extends its recovery off Friday's low. There is an expectation that Chinese traders will return ahead of that [Thursday] and there may be some sort of mean reversion back to levels where we were trading when they departed," Marex Spectron noted. The...