Base metals prices on the London Metal Exchange were mostly lower during morning trading on Monday September 24, capped by the US administration's imposition of further tariffs on $200 billion worth of Chinese goods.
Base metals prices consolidated lower following broad gains last week. Nickel prices dropped 1% this morning but continue to trade above $13,000 per tonne. Elsewhere, the three-month aluminium price ticked lower, pulling away from Friday's high of $2,098 per tonne and edging back toward $2,050 per tonne.Meanwhile, copper prices remained well supported after a marginal downtick over the morning, trading above $6,300 per tonne and up 7.6% from last week's low of $5,855 per tonne. "The sharp price rallies across the back end of last week has been driven predominantly by covering, and given there remain decent short positions...