Nickel falls hardest among base metals on December 22
After starting the week on a positive note on December 21, base metals failed to carry the same momentum on Tuesday, December 22, ending the day in losses. All base metals declined that day on the LME (London Metal Exchange), and LME nickel was the biggest loser of the day in base metals with a decline of 2.8%.
Aluminum declines from two-week high
After gaining for two consecutive days during the week ending December 18 and starting this week on a positive note, copper declined on Tuesday, December 22. LME 3M copper declined by 1.53% on the day, ending the day at $4,665.5 per metric ton. Copper declined by 1.45% on the COMEX on the same day.
Meanwhile, after closing at a two-week high on Monday, December 21, LME 3W aluminum declined on Tuesday, December 22, falling by 0.4% and ending the day at $1,507 per metric ton. That said, LME aluminum is still staying above the psychological price level of $1,500 per metric ton.
Zinc and lead plunge too
LME 3M nickel gained for two consecutive days and declined on Tuesday, December 22, dropping by 2.8% and closing the day at $8,640 per metric ton.
Meanwhile, after closing at the lowest day close since July 2009, zinc gained on Friday, December 18, but then dropped on Tuesday, December 22, falling by 1% and ending the day at $1,517 per metric ton.
On the same day, after gaining for two consecutive days and closing above the psychological price level $1,700 per metric ton, LME 2M lead plunged by 1.5% on Tuesday, closing the day at $1,700 per metric ton.
Tin consolidates near $14,500 per metric ton
LME 3M tin also declined by 0.07% on Tuesday, ending the day at $14,640 per metric ton. Tin has been consolidating near $14,500 per metric ton for the past 11 trading sessions.
By contrast, base metal mining companies Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), BHP Billiton (BHP) gained on Tuesday, December 22, whereas the PowerShares DB Base Metals Fund (DBB) declined by approximately 0.9%.
Continue to the next part of this series for a look at copper’s performance on December 22, a discussion of the US GDP data scheduled to be released on December 23, and an analysis of Chinese smelters’ reactions this week.