The metals prices on the London Metal Exchange are mixed this morning, Wednesday February 21, with nickel and tin prices firmer by 0.4%, while the rest are lower by between 0.1% and 0.5%. Copper prices are off 0.1% at $7,068 per tonne.
Volumes remain light with 1,862 lots traded as of 07:05 am London time - we expect this to change tomorrow with China returning from the Lunar New Year holiday. Tuesday's trading was for the most part weaker, with copper, aluminium, lead and zinc closing down an average of 0.8%, while nickel and tin were little changed. The cash/three-month spread on aluminium has also eased to $30-32 per tonne backwardation, from $50 on Tuesday morning. Precious metals prices are weaker this morning, with the complex down an average of 0.2%. Spot gold prices are at $1,328.05 per oz. This follows a general day of weakness on Tuesday when the complex closed down an average of 0.7%, which was partially driven by a firmer US dollar index. In wider markets, spot Brent crude oil prices are weaker by 0.52% at $64.67 per barrel and the yield on US 10-year treasuries remains firm at 2.91%...