Uncertainty over the outcome of the US presidential election kept metals prices well within familiar ranges during Tuesday's open outcry trade on the London Metal Exchange (LME). "They (markets) look OK on the charts at the moment, but there is not going to be a lot going on today.
It is a case of just wait and see what happens later. More than likely it will react to the dollar or the options (November declarations) on Wednesday," a trader said. The dollar moved back to trade just above $1.2700 during early evening in Europe, having firmed up to $1.2678 earlier.
Angus MacMillan said he expected the market to stay in limbo until the results of the US presidential election were known.
"Irrespective of who sits in the White House, I don't think in the short term it will make much difference to the metals markets," he said.
But if, like in the last election, the winner was not immediately clear, that could undermine the dollar and therefore be positive for metals in the short term.
The complex came under modest selling pressure during the evening kerb session, with aluminium in particular tripping up.
"It was offered down on the back of very little trade," one dealer said.
Copper pared some of its earlier gains, finishing the evening kerb $17 firmer at $2,847 a tonne - well within its recent $2,800,2,890 range.
Aluminium saw a more serious wobble, having fluttered either side of unchanged during most of the session, to end $13 weaker at $1,793 a tonne.
Elsewhere, nickel was at $13,475, down $75, while lead inched up $5 to $880.
Zinc tried to stage a recovery after Monday's sell-off, but met resistance above $1,050, finishing the kerb at $1,037, down $3. Tin dropped to $9,025 from $9,110.
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