London Metal Exchange base metals show mixed performance

Base metal prices on the London Metal Exchange (LME) showed mixed results on August 13, with aluminum and nickel experiencing notable declines. Aluminum prices fell by 2.28% to $3,238 per tonne, driven by easing supply shortage concerns. This relief comes as Emirates Global Aluminium (EGA) expects its major smelters to return to pre-attack production levels by the first quarter of next year, ahead of previous estimates. Additionally, Australia’s Tomago smelter secured $2.5 billion AUD in government relief to maintain its annual capacity of 590,000 tonnes.

Other metal movements included copper rising 0.18% to $14,135.50 per tonne, tin increasing 0.52% to $55,825 per tonne, and zinc remaining unchanged at $3,745 per tonne. Nickel and lead also saw decreases. Market sentiment was influenced by cooling US CPI data, which lowered expectations for Federal Reserve interest rate hikes, and ongoing geopolitical uncertainties in the Strait of Hormuz.