Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday March 29 with the market gearing up for a long weekend. Lead and aluminium prices bucked the trend, with the former dipping back to $2,025 per tonne following a large delivery into LME-listed warehouses. 30,075 tonnes of aluminium was delivered into Port Klang – meaning on-warrant stock there have now almost tripled since the start of 2018. “Most of the base metals prices are rebounding, the exception is aluminium that remains depressed. The rebounds suggest bases may have formed and if that is the case then the metals look well placed to rally as bargain hunting takes advantage of the recent price weakness,” Metal Bulletin senior analyst William Adams said. Nickel was the strongest performer this morning, recovering $160 per tonne and firming up back above the $13,000-per-tonne mark, while zinc continued to build on this week’s gains. Copper prices recovered $51.50 per tonne with stock levels falling for the first time this week. “Copper is again in focus with strong volumes (more than the rest of the complex put together) on steadily appreciating price action as we approach a long weekend for LME markets,” Marex Spectron noted on Thursday. “The dollar is also softer, which should be supportive commodities… Given positioning across the complex (largely flat to short) would not be surprised to see some short-covering action into the long weekend ahead. However quarter-end flows and the potential for unexpected geopolitical headlines in the current climate creates an increased level of uncertainty,” it added. The LME will be shut on Friday March 30 and Monday April 2 due to the Easter bank holidays.
