Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Thursday December 27, capped by a sharp downturn in global stock indices while quiet trading continues to keep volumes low.
Downward pressure manifested itself the most in aluminium futures over the afternoon, with the metal's three-month price dropping to its lowest level since July 2017 at $1,852.50 per tonne. Volumes traded on the exchange topped the complex at 13,295 lots by the close, with selling pressure mounting amid the recent US Treasury Department's plans to remove sanctions against UC Rusal, Russia's top aluminium producer. Meanwhile, lead futures took a divergent path over the afternoon, climbing more than 2% to reach an intraday high of $2,042 per tonne - their highest level since October 17 - with a nine-year low in LME stocks...