Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Monday February 25, with investor attention diverted amid a more than 2% tumble in oil futures over the afternoon, while US-China trade talks continue to act as a strong tailwind for prices.
Leading the complex higher over the afternoon, the three-month tin price increased by more than 1% over the afternoon, making its most significant approach toward $22,000 per tonne since January 2018. Prompting the metal's strong performance of late - typified in an incremental rise of more than 15% since its 2018-low of $18,145 per tonne on November 27 - continued delays to exports from Indonesia, the world's second largest tin producer, remain price supportive. In addition, the LME's depleting inventory, which sits at just over 1,300 tonnes on-warrant has prompted tin participants to seek alternative supply, with the International Tin Association estimating as much as 30,000 tonnes of material sitting off-warrant in China. Elsewhere, three-month copper and nickel futures are continuing their strong performance, with the former breaching $6,500 per tonne amid...