Base metals sink lower on the LME

LONDON (Scrap Monster) : Base metals closed mostly lower on the London Metal Exchange (LME) after witnessing thin trading and lack of interest by investors.

At the close of open-outcry trading on Wednesday, LME three-month copper was down 1.1 per cent at $US7,690 a metric ton.

Aluminum and lead had earlier hit their lowest prices for the year to date at $US1,948.50/ton and $US2,188/ton, respectively.

Only thinly traded tin closed higher on the day, up 0.1 per cent at $US23,470/ton.

Base metals fell overnight on heavy selling.The euro slipped further against the US dollar, damping the appeal of the dollar-denominated base metals to euro holders.

Persisting concerns regarding Chinese move to cool its property sector also weighed upon the outlook for base metal demand and its prices.

All eyes are now focussed on the policy decisions coming out from European Central Bank (ECB) and Bank of England on Thursday, and the monthly US non-farm payrolls data on Friday

3 Months Metal Bid-Ask Change from Tuesday PM kerb

Copper 7690.0-7690.5 Down 82

Lead 2190.0-2191.0 Down 34.5

Zinc 1978.0-1979.0 Down 29

Aluminum 1953.5-1954.0 Down 23.5

Nickel 16525.0-16550.0 Down 170

Tin 23470.0-23475.0 Up 20

Aluminum Alloy 1840.0-1850.0 Down 30

Aluminum Alloy-NASAAC 1840.0-1850.0 Unchanged

Note: The above prices are  in dollar per metric ton.