Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday October 25, with continued strength in the US dollar index capping gains, while stronger earnings reports and a broadly positive European Central Bank outlook safeguarded commodity investments.
Over the afternoon, the three-month nickel price largely under-performed amid slight downticks in aluminium and zinc, while three-month copper, lead and tin prices clocked decent gains. Falling to its lowest price since December 2017, pressure has mounted for the three-month nickel price, largely due to a downtrend in equity markets earlier in the week prompting broad risk-aversion.While positive third-quarter earnings reports from the likes of Tesla, Microsoft and Ford Motors has bolstered market sentiments, the impact of tariffs on China's economy - which continues to exhibit a marginal slowdown - is keeping investors cautious. Elsewhere, concerns over a significant disruption to Indonesian exports has kept the three-month tin price above $19,300 per tonne, while 5% of total LME stocks - now below 3,000 tonnes - was booked for removal this morning, adding further upward momentum to prices. By...