Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday December 20, with a continued retreat in the US dollar index failing to spur upward price action amid broadly moderate volumes.
Closing at a fresh 2018 low of $1,912 per tonne, the three-month aluminium price fell to its lowest level since August 2017 at $1,905.50 per tonne amid announcement of the US Treasury's plans to remove sanctions against UC Rusal.Copper volumes traded on the exchange were the highest of the complex, with 15,400 lots changing hands by today's close. Additionally, the US Federal Reserve's decision to continue its cycle of interest rate hikes weighed on metals prices over the afternoon, with both copper and nickel futures consolidating lower. "The US Federal Reserve raised the interest rate for the final time in 2018 to 2.25-2.50% and paved the way for two potential rate hikes in 2019. With the tightening stance and rather hawkish statement from the US central bank, major US indices spiraled into another sell-off, with the S&P500 edging to a fresh 2018 low," Fastmarkets MB analyst Andy...