Upside momentum in London Metal Exchange base metals prices was capped during the afternoon session on Tuesday April 28 while pervading uncertainty across the complex left three-month prices mixed at the close.
Some analysts suggested participants were waiting on the sidelines in anticipation of macro developments from virus-hit global economies including the United States, before committing to futures trades. "Market participants are waiting for further clarity from the US Federal Reserve meeting tomorrow, for guidance on whether it will maintain its current accommodative economic course amid the Covid-19 pandemic." Fastmarkets research analyst Andy Farida said. "This is reflected in volatile price action across the LME base metals complex today, where upside gains have been limited. Furthermore, no one is willing to get aggressively short of metal while supply cuts are taking place. And it is felt across the whole complex." The market continues to eye commercial restarts keenly with partial ramp-ups across some global commercial centers considered positive for commodity demand in...