LME Base Metals Fall Across The Board

LME Base Metals Fall Across The Board

The base metals prices on the London Metal Exchange (LME) finished lower across the board Monday with many hitting multi-week and multi-month lows on concerns that Greece is courting financial disaster.

Greece pulled out of emergency meetings with creditors at the weekend and called for a referendum to vote on the proposed bailout terms on Sunday, 6 July

The country has shut its banks for at least 8 business days, and imposed capital controls after the European Central Bank (ECB) froze emergency liquidity assistance to Greek banks at current marks.

LME nickel hit its cheapest in 6 years.

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The 3 month unofficial Nickel price lost 647.5, or 5.19%, to 11,840/tonne.

LME Copper got some momentum from Chinese stimulus.

The Chinese central bank (PBOC) lowered both the RRR and interest rates by 25 bpts a the weekend for the 4th time in the last 7 months. But Copper closed lower.

The 3 month unofficial Copper price dropped 6, or 0.10%, to 5,781/tonne.

In other LME base metals

The 3 month unofficial Aluminium price lost 10.75, or 0.63%, to 1,697.25/tonne.

The 3 month unofficial Lead price lost 15 or 0.84%, to 1,774/tonne.

The 3 month unofficial Zinc price lost 10, or 0.49%, to 2,016/tonne.

The 3 month unofficial tin price lost 387.5, or 2.61%, to 14,475/tonne.

Stay tuned…

HeffX-LTN

Paul Ebeling

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