Base metals on the London Metal Exchange were predominantly lower during morning trading on Tuesday November 20, with most metals trading in narrow ranges while global trade tensions and depleting LME stocks deter investors.
Falling furthest over the morning, copper shed 0.5% of its three-month price over the morning, but remains well supported above $6,200 per tonne due to a recent slew of stock drawdowns in LME-listed New Orleans warehouses. Similarly, total LME stocks for both zinc and lead remain at decade-lows, prompting the widest backwardation in zinc's cash/three-month spread since 2007 at $83.50 per tonne. By contrast, lead's forward curve currently sits in a $18 per tonne contango. Elsewhere, both nickel and aluminium futures held ground after making losses at Monday's close, while more than 10,000 tonnes of aluminium placed back on warrant this morning prompted a marginal uptick in...