By Onome Amuge
Copper was down 0.4 percent at $9,471 per tonne, nickel lost 0.1 percent at $18,700 per tonne, zinc shed 0.2 percent at $2,994 per tonne, lead declined 0.3 percent at $2,290.5 per tonne. Aluminium remained unchanged at $2,586 per tonne, while tin gained 0.4 percent at $35,190 per tonne.
September tin had the highest gain of 2.4 per cent at 238,330 yuan per tonne,September aluminium rose 1.5 per cent 20,155 yuan per tonne,September copper was 0.8 per cent higher at 69,800 yuan per tonne,October zinc was up 0.7 per cent at 22,475 yuan per tonne, while September nickel gained 0.5 per cent at 139,630 yuan per tonne.
Despite the losses recorded on the LME this morning, analysts noted that the underlying sentiment for base metals is bullish – or at least not bearish, and likely to close the day’s session in positive territory. Their assertion is based on the fact that the metals have in most cases, shrugged off recent weakness as seen by Tuesday’s rebounds off earlier lows. They also noted that any weakness in base metal prices could only be short-lived because the underlying long-term picture remains bullish.
As it stands, aluminium and zinc prices continue to hold in high ground, while tin remains the strongest in the base metals complex due to being surrounded by supply disruptions at a time of strong demand.