LME three-month base metals prices staged a partial rebound at the close on Tuesday March 24, seemingly buoyed by news that China has moved from 'total lockdown' to the 'recovery phase' in the fight against the novel coronavirus (2019-nCoV) pandemic.
The news looks to have increased market confidence in LME base metals to a certain degree, although the complex still ended the day mixed at the close, with copper, nickel and tin all up on the previous day, while aluminium, zinc and lead closed down."With [all the] negative 'Covid-19' headlines mostly priced-in to an oversold LME base metals complex, limited downside risk has now made the risk-reward balance much more skewed to the upside," Fastmarkets research analyst Andy Farida said."Undoubtedly, adding fuel to the current rebound momentum are...