Base metals prices on the London Metal Exchange were broadly lower during morning trading on Tuesday October 23, hampered by broad risk-aversion amid a two-year low in European stock indexes while a firm US dollar index continues to limit price rallies.
Topping losses over the morning, the three-month copper price edged back below $6,200 per tonne despite a continued trend of stock outflows and fresh cancellations, with total on-warrant material at multi-year lows and down 5.6% from the start of October to 86,725 tonnes.Similarly, despite heavy inflows over the course of last week, the three-month aluminium price continues to trade lower, holding just above $2,000 per tonne after reaching a six-month low of $1,996.50 per tonne on Friday. "The aluminium price is only just holding its own marginally above the $2,000 per ton mark despite the fact that less aluminium has been produced of late. According to data from...