Three-month base metals prices on the London Metal Exchange were mixed during morning trading on Tuesday July 17, with aluminium and lead prices down 0.1% and 0.2% respectively, while the rest of the metals were up between 0.4% for nickel and tin and 0.6% for copper. The three-month copper price recently was quoted at $6,228 per tonne.
Copper and aluminium prices on the Shanghai Futures Exchange were up during Asian morning trading on Tuesday July 17, with the former finding support from potential supply-side disruptions, while the light metal benefited from supply concerns surrounding the sanctions on Russian aluminium producer UC Rusal.
Chinese export volumes of unwrought aluminium and aluminium products by increased 5.4% year on year and 7.5% month on month in May, according to preliminary Chinese customs data released on Friday June 8.
Pressured by ongoing trade tensions, base metals on the London Metal Exchange ended mostly lower at the close of trading on Monday July 16, with aluminium the only metal to trade in positive territory.
Base metal market volatility is here for the long haul, according to a fund that has banked profits from the violent sanction-led price swings that have characterized market movements in the first half of 2018.
Discussions with representatives of unionized workers at the Mount Polley copper mine are scheduled to resume this week in a bid to resolve a near two-month strike, according to mine owner Imperial Metals Corp.