Base metals on the London Metal Exchange moved higher at the close of trading on Tuesday July 31, supported by easing trade relations between the United States and China amid broad stock drawdowns and a seasonal summer slowdown.
Both copper and nickel prices broke past nearby resistance levels in the afternoon rally, with aluminium the only metal to trade in negative territory. Edging back above $6,300 per tonne, copper prices found support in the afternoon against continued uncertainty surrounding labor negotiations at BHP's Escondida mine in Chile - the world's largest copper mine. "Workers are due to officially reject BHP's latest contract offer on Wednesday. This would trigger a potential 10-day mediation process. Failure to reach an agreement process at the conclusion of the mediation process would result in a strike," Metal Bulletin analyst Boris Mikanikrezai said. "A...