Base metals prices on the London Metal Exchange consolidated during morning trading on Wednesday March 27, with price action broadly rangebound due to continued concerns over global economic growth.
Weaker-than-expected manufacturing data from the United States, China and Europe in March has continued to limit commodity investment, while the Industrial & Commercial Bank of China (ICBC) has indicated that tightness in copper could continue amid unplanned production disruptions. Earlier this week the US Treasury's yield curve inverted for the first time since 2007, with an historic gap between the three-month and 10-year yields no longer evident, indicating recession danger ahead. While the three-month copper price remains firmly above $6,300 per tonne, it has fallen by more than 3% since mid-March, despite on-warrant material close to record lows at 142,900 tonnes. Open...