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Commodity News |
HeadLine : |
Base metals mixed, markets reacting to developments at China's Evergrande, US Fed outlook |
Date : |
Sep 24 2021 |
Base metals prices were mixed on both the LME and SHFE on Thursday, with the broader markets welcoming the news that Chinese property giant Evergrande has avoided imploding, for now, and not spooked by the US Federal Reserve's more hawkish outlook. Three-month base metals prices on the London Metal Exchange were mixed this morning, with copper ($9,233 per tonne) and tin (34,900 per tonne ) down by 0.7% and 0.4% respectively, while the rest of the complex was up by an average of 0.4% - led by a 0.9% rise in lead ($2,140 per tonne) after the heavy metal had lagged behind in Wednesday’s broader rebound. The most-active base metals contracts on the Shanghai Futures Exchange were mainly firmer, the exception of October zinc, which was down by 0.3%. The rest were up by an average of 1.1%, led by gains of 2.3% in tin and 2.1% in aluminium. These two metals remain the most bullish as they are affected by supply disruptions.
Source: Metal Bulletin
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