Base metals were broadly lower on the London Metal Exchange during morning trading on Wednesday May 30, with tin the only metal to record an upward move against a strengthening US dollar index.
Tin's three-month price is consolidating around $20,500 per tonne, recovering from its dip below $20,000 per tonne on May 25, its lowest point since January 2018. Concerns over tightening supply continue to push prices higher for tin, while the metal's cash/three-month spread has edged further into backwardation, now at $65 per tonne from $30b per tonne this time last week. "Weak Asian stock markets that continue to reflect the risk aversion among market participants are weighing on metals prices this morning. Thus virtually all metals are down as trading gets underway," Commerzbank Research noted. Falling 1.1%, copper's three-month price has fallen below its $6,800-per-tonne support level, with 15,319 lots of material traded as of 10:12am London time. Copper's stock movements...