London Metal Exchange three-month base metals prices began to consolidate during the morning session on Friday September 25 after the broad-based sell off which emerged after Monday's United States equities plunge began to fade and buying pressure re-emerged across the complex.
Despite a consistently stronger dollar continuing to trade above 94 this morning, most recently around 94.40, the US dollar index looks to have found overhead resistance at 94.59, while positive rhetoric surrounding US fiscal stimulus packages halted the previous day's downward price momentum. "Some buying pressure has finally emerged after four consecutive days of selling. We attribute the current rebound to the very fact that recent strength in the dollar index has started to falter. Risk-on sentiment was further buffeted after news that House Democrats are restarting talks of a new, smaller coronavirus...