Base metals prices on the London Metal Exchange were mostly lower during morning trading on Friday December 21, hindered by weak equity markets and oil futures which have kept investors risk-averse.
The S&P 500 Index fell 1.58% this morning amid fears that the US government could face a shutdown and continued economic pressure, while the Dow Jones Industrial Average slumped 2% on similar fears. The three-month aluminium price remains under pressure this morning after more than 230,000 tonnes of aluminium was delivered into LME warehouses since December 13. The price is now trading close to $1,900 per tonne. The recent announcement by the US Treasury Department that it intends to remove sanctions against UC Rusal had a similarly bearish effect on aluminium futures. Just 3,839 lots of aluminium have traded as of 10:29am London time, topping an overall quiet complex today. "Trading volume has contracted - with...