Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.
The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,005 per tonne amid fresh buying momentum."The correction in US equities was a major blow to market confidence," Fastmarkets Metal Bulletin analyst Andy Farida said in his Lead Today report."Asian equity indices were dragged lower this morning, with the Nikkei down by 915 points or 3.89%, the Topix down by 62 points or 3.52%, the Hang Seng down by 1,042 points or 3.98% and the CSI300 down by a hefty 174 points or 5.32%," he explained."This provided a negative tone for the trading day. Risk-off sentiment is likely to keep base metals under a great deal of selling pressure in the very short term," he added.Elsewhere, the three-month tin price also pushed higher over the...