Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Tuesday October 30, with broad strength in the US dollar index prompting sharp drops in the three-month copper and zinc prices, while aluminium drifts to levels unseen since August 2017.
Reaching a low of $1,966 per tonne, the three-month aluminium price has come under increased pressure over the latter half of the month, prompted by deliveries of over 156,000 tonnes in mid-October while market hysteria surrounding US sanctions against Rusal have dissipated. Similarly, the three-month lead price remains the group's weakest performer this week, falling to its lowest level since September 2016 after more than 19,000 tonnes was placed back on-warrant in LME-listed warehouses in Antwerp. "While global market sentiment started to show signs of stabilizing, any hopes of a month-end recovery in the base metals complex was removed after the market learned that the US is teeing up the remaining set of tariffs on $257 billion worth of Chinese goods by early December," Fastmarkets MB...