LME three-month base metals prices, apart from zinc, closed up on Tuesday May 26, in part driven by the impact of China's ongoing monetary easing policy and the onset of economic restarts across Europe.
A speech given today by People's Bank of China governor Yi Gang buoyed London Metal Exchange base metals prices at the beginning of the day's trading, according to INTL FC Stone's Natalie Scott-Gray.Gang's speech highlighted the perceived success of China's targeted monetary measures in safeguarding the region's economy during the Covid-19 pandemic and that looks to have stimulated consumption in the metals markets today. The buoyant mood and uptrend continued to the close, with European commercial restarts and fresh hope of a vaccination against Covid-19 adding fuel to gains made across LME base metals prices today. "Risk-on is the play of the day, with market confidence returning on the...