LME Market Report --- Base metals mostly closed lower but are still in range
2024-05-22 13:06:19
LME Market Report --- Base metals mostly closed lower, but are still in range range. The London Metal Exchange (LME) base metal mostly closed slightly lower on Monday, trading lightly and trading in intraday ranges. Yichaichang said, "The current trend is dull and the trading volume is not high; however, the Euro is quite strong and there is also a lot of news of tight supply. Therefore, the market is expected to gain support." The indicator three-month copper closed at USD 2,826 per ton. It was lower than the closing price of the composite trading of 2,837 on Friday night. However, while the labor negotiations between the U.S. and African mines are still in progress, the prices of base metals are still in range. In terms of strikes, the threat of a strike at Rustenburg Nickel Copper Mine in Anglo American Platinum, South Africa, was eased, as the company’s management had previously proposed to improve bonus benefits. Rustenburg’s salary negotiations will begin on July 22. Three-month aluminum closed at $1,736 a ton, and last Friday's composite trade reported 1,745. Three-month lead declined slightly; three-month zinc fell by about $20 per ton. Tin also declined slightly during the three-month period; three-month nickel fell slightly against the market and ended slightly higher. Source: Shanghai Metals
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