Three-month base metals prices on the London Metal Exchange were up across the board on Wednesday, with the complex up by an average of 0.3 percent.
Nickel and zinc prices led the way with gains of 0.5 percent, while copper was up by 0.2 percent at $6,843 per tonne.
The rebound follows yet another day of price weakness on Tuesday that saw the base metals complex drop by an average of 1.7 percent and the LME Index fall 6.2 percent since peaking on June 7.
Precious metals were mixed with spot gold and silver prices slightly changed at $1,274.20 per oz and $16.32 per oz respectively, while platinum prices were off by 0.3 percent at $862.50 per oz and palladium prices were up by 0.4 percent at $972.10 per oz.
This follows a day of weakness on Tuesday that saw the precious metals complex fall by an average of 1.3 percent.
In China, base metals prices on the Shanghai Futures Exchange were for the most part weaker, the exception was the most-traded September tin contract that was little changed, while the rest were down between 0.4 percent for the most-traded August aluminium contract and 1 percent for the most-traded August copper contract, the latter of which was at 51,790 yuan ($8,002) per tonne.
Spot copper prices in Changjiang were down by 1.4 percent at 51,480 to 51,620 yuan per tonne while the LME and Shanghai copper arbitrage ratio was lower at 7.56, compared with 7.59 on Tuesday.
In wider markets, spot Brent crude oil prices were up by 0.46 percent at $75.38 per barrel this morning, this ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting.
The yield on US 10-year treasuries has strengthened to 2.8986 percent, as has the German 10-year bund yield to 0.3704 percent.
These rises in yields suggest haven buying of late may have run its course as the initial heat fades from US President Donald Trump’s latest rhetoric on tariffs.
On the dollar index, it is climbing again after recently being quoted at 95.12 having set an intraday high on Tuesday at 95.30.
The 95.30 high has now breached 95.15 highs from October and November last year, suggesting the bull market in the dollar is on course to continue.
Sterling at 1.3168, leads on the downside, the euro (1.1576) and the Australian dollar (0.7402) are consolidating recent weakness, while the yen (110.19) is consolidating after Tuesday’s haven buying.
Unsurprisingly given the recent increased tension over trade with the US, the yuan is weak at 6.4669, the weakest it has been since mid-January. The other emerging market currencies we follow are generally on a back footing with the dollar strengthening.