uploads///Base Metals Weekly

Base Metals Fell Last Week: FCX, AA, GLNCY, BHP

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Nov. 20 2020, Updated 1:17 p.m. ET

In the week ended on January 9, all base metals on the London Metal Exchange (LME) declined. The LME 3M lead was the biggest loser of base metals last week with a loss of 9.6%. The base metal miners Freeport-McMoRan (FCX), Alcoa (AA), Glencore (GLNCY), and BHP Billiton (BHP) all fell last week.

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Copper drifted to mid-2009 price levels

After closing positively for two consecutive weeks, copper fell in the week ended January 9. LME 3M copper started last week on a negative note by falling on the first trading session. Except for Tuesday, copper fell in all trading sessions last week and maintained negative sentiment throughout. LME 3M copper fell 4.7% in the week ended January 9. It closed the week at $4,485 per metric tonne. This is the lowest daily close for LME 3M copper since mid-2009, which makes it a 6.5-year low.

On Comex, copper fell 5.3% last week.

Lead fell 9.6%

Aluminum on the LME fell for the second consecutive week. It closed the week at $1,492.50 per metric tonne with a loss of 0.96%. LME 3M aluminum started this week on a negative note by falling on Monday. Aluminum carried same negative momentum until Tuesday but started recovering on January 6. It fell in two out of three trading sessions last week and closed in a loss.

After gaining for two consecutive weeks, LME lead fell 9.6% last week and closed the week at $1,621 per metric tonne.

LME 3M tin fell 5.5% last week and ended the week at $13,750 per metric tonne.

Nickel and zinc fell last week

LME 3M nickel fell 2.9% in the week ended January 9. It closed the week at $8,560 per metric tonne. Nickel started this week on a negative note and fell in two out of five trading sessions. LME nickel has been consolidating for the past month.

After gaining for two consecutive weeks, LME zinc fell last week. Zinc fell 6.2% last week and ended the week at $1,509 per metric tonne. The base metal ETF SPDR S&P Metals & Mining ETF (XME) fell 7.4% in the week ended January 9.

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