Base metals prices on the London Metal Exchange were on divergent paths this morning, Tuesday January 9, with only copper and nickel continuing to edge higher.
The three-month copper price was up $30, targeting the $7,200 per tonne barrier. Copper is finding some support this morning from concerns over constrained supply stemming from tightening regulations in China over imported scrap and looming labor negotiations at mines. Nickel's three-month price climbed $65 per tonne and continues to consolidate firmly above $12,000 per tonne. "We remain quietly bullish and see the longer-term outlook as being positive, and traders may well continue to front-run that," Metal Bulletin senior analyst William Adams said. "We expect dips to...