Base metals on the London Metal Exchange ended mostly higher at the close of trading on Wednesday June 27, with nickel and zinc prices making a slight recovery from recent lulls while copper and tin prices continue to drift.
Falling 0.3% over the afternoon, copper's three-month price closed at a three-month low, ending below $6,700 per tonne for the first time since March 28. The red metal has come under recent pressure from trade tensions, exemplified by the recent breakdown in US-China relations, in addition to further EU-targeted duties expected to be issued by the United States. "The HK Hang Seng is down, so is the Shanghai Composite. A potential trade war will hit the earnings of the Chinese and Hong Kong listed companies. Any sell-off like that impacts the broader markets," SP Angel analyst John Meyer told Metal Bulletin. "Participants inevitably go for a lower risk approach, a risk-off, which moves money into the...