LIVE FUTURES REPORT 19/06: LME base metals prices plunge on US-China trade spat

By Hassan Butt / June 19, 2018 / www.metalbulletin.com / Article Link

Base metals on the London Metal Exchange were broadly lower during morning trading on Tuesday June 19, after escalated trade tensions between the United States and China, as well as a surging dollar index, pile pressure on the complex.

Nickel prices recorded the sharpest drop of the complex, falling more than 2% to a low of $14,580 per tonne during morning trading. Initially shrugged off by the base metals group, the rallying dollar index this week - which reached a fresh 2018 high of 95.18 earlier - is pushing base metals prices lower. "Metals prices on the LME itself remain under pressure: copper has dipped below $6,900 per tonne, while nickel costs less than $15,000 per tonne. Speculative market participants are also likely to retreat from the metals markets as sentiment becomes increasingly gloomy," Commerzbank Research noted in a morning report. Renewed tensions in the US-China trade relationship form a crucial component to this morning's downtrend in base metals, with...

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