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- LME Aluminum 3M Select trades $-5 lower to $3240 at 8:33:10 AM
- LME Copper 3M Select trades $55.50 higher to $14055 at 8:33:10 AM
- (Bloomberg) – Copper steadied after declining to near $14,000 a ton as fresh deliveries of stockpiles to exchange-tracked warehouses signaled an easing of a supply squeeze. Futures on the London Metal Exchange were little changed on Tuesday after their lowest close in four weeks. Prices have pulled back sharply since rallying to a record high last week, when traders were diverting supplies to the US in anticipation of tariffs on refined metal, leaving the rest of the world starved of supply. So far, that measure has failed to materialize, and on Monday LME warehouses received their biggest deliveries of the metal in almost four weeks. Three-month futures flipped to a premium of $86.75 a ton to copper for immediate delivery, a market structure known as contango that signals ample supply. On Tuesday, economic data from China showed industrial output in the world’s biggest metals consumer improved more than expected in August, even as consumer spending and investment languished. The divergence widens a divide within the economy that complicates the decision facing policymakers over whether to provide additional stimulus. Also in focus is the Federal Reserve’s upcoming meeting, where the central bank is expected to raise interest rates. That’s typically a negative for non-yielding assets like commodities. Copper edged up 0.1% to trade at $14,014.50 a ton on the LME at 11:28 a.m. local time. Other metals were similarly little changed, with aluminum flat and zinc down 0.6%.
- CME HRC Steel last traded at $1230 and $-4 lower at 8:25:11 AM
Price Indications
Today's Charts
Metals Factor Matrix
AEGIS Factor Matrices: Most important variables affecting metals prices
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