MT: Base metals prices drop in LME officials on Chinese uncertainty
Base metals prices fell during the official session on the London Metal Exchange on Monday April 2, as trading activity dwindled on a lack of Chinese presence, while its positive PMI data proved less beneficial than earlier indications suggested.
Three-month copper prices fell to $8,465/466 per tonne during the session, with a new low of $8,428.25 per tonne. The price is likely to remain flat or even to fall further in the next few days while Chinese activity is absent because of the country’s national tomb-sweeping holiday, and has not been as well supported by its PMI data as was expected. Official data stated the index had risen to 53.1, while HSBC data suggested it had fallen to 48.3, below the crucial cutoff of 50. “[The second quarter] might...
