Base metals on the London Metal Exchange were mostly lower during morning trading on Wednesday May 23, with tin recording the only positive move despite continued strength in lead and nickel prices.
Falling 1.8% over the morning, copper's three-month price has lost most of Tuesday's gains, with the red metal drifting back towards its $6,800 per tonne support level. Despite ongoing volatility in global stocks, partly due to China's ban on imported scrap copper, the metal's supply-demand dynamics continue to disappoint. Coupled with easing trade relations between the United States and China - exemplified in China's cut on import duty for passenger cars to 15%, further opening the Chinese economy - copper prices continue to display broad steadiness. Similarly keeping strength, lead's three-month price continues to rally above $2,400 per tonne despite recording marginal dips throughout the morning. The metal's cash/three-month spread is currently in a contango of $7.00 per tonne, moving from $12.75c per tonne on Tuesday. "There's...