LIVE FUTURES REPORT 21/04: LME base metals suffer losses amid risk-off sell off

April 22, 2020 / www.metalbulletin.com / Article Link

London Metal Exchange base metals were universally trading down at the close on Tuesday April 21, with risk-off sentiment capping LME base metals' futures prices, which precipitated a broad-base sell off across the whole complex.

Brent Crude Oil futures' prices were hit significantly during the afternoon session, down 4.15% at $25.17 per barrel, with some analysts suggesting that the commodities sector is undergoing a deleveraging process amid traders taking profit against their LME base metals futures positions to cover losses in the energy sector.
"While it's easy to blame the global pandemic for its negative impact on both supply and demand for LME base metals, the mounting background issue is how quickly the global economy can recover with uncertainty prevailing in this regard," Fastmarkets research analyst Andy Farida said.

It...

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