LME base metals mostly lower on Tuesday
Xinhua, April 15, 2015 Adjust font size:
The base metal prices on the London Metal Exchange (LME) were mostly lower on Tuesday, undermined by a robust U.S. dollar and caution ahead of key Chinese data to be released on Wednesday.
China will release its quarterly gross domestic product figures on Wednesday as well as industrial production data, fixed asset investment, and retail sales figures.
The U.S. dollar remained robust and was trading at or around its 12-year-high against the euro.
As for metals, the three-month unofficial copper price dropped 80 U.S. dollars, or 1.33 percent, to 5,938 dollars per tonne.
Low demand and oversupply will continue to hurt commodity prices in general as the sector enters a period of weakness, said a commodity analyst at BMO Capital Markets.
LME tin spiked below the 16,000 U.S. dollar level for the first time since June 2010, undermined by doubts of proposed Indonesian export curbs. The three-month unofficial tin price lost 200 U.S. dollars, or 1.21 percent, falling to 16,325 U.S. dollars a tonne.
The three-month unofficial aluminium price increased 14.5 U.S. dollars, or 0.82 percent, to 1,786 U.S. dollars a tonne.
The three-month unofficial lead price lost 14 U.S. dollars, or 0.70 percent, falling to 1,981 U.S. dollars a tonne.
The three-month unofficial zinc price lost 27.75 U.S. dollars, or 1.25 percent, to 2,196 U.S. dollars a tonne.
The three-month unofficial nickel price lost 100 U.S. dollars, or 0.79 percent, to 12,537.5 U.S. dollars a tonne. Endit