Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Friday December 21, pressured by a broad sell-off in global stock indices amid fears of a potential US government shutdown.
Despite decreasing over 1% this morning, the S&P 500 index is trading 0.50% lower over the afternoon, while a modest recovery in the Dow Jones Industrial Average did little to limit the downtrend, with it recently seen 0.32% lower. Copper's three-month price fell to an intraday low of $5,977 per tonne while total volumes traded were at their lowest since November 22, with just 10,001 lots changing hands by the close. Total on-warrant material is at its lowest point in more than 10 years at 113,500 tonnes, while a dominant warrant position now holds 30-39% of total LME inventory, yet the metal's price action remains choppy and is down more than 16% on the year.Elsewhere, aluminium futures remain close to their 2018 low...