Base Metals Bounce Alongside Equities as Risk Appetite Recovers [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The London Metal Exchange price rose as much as 1.6%, tracking an early rebound in equities and bond markets as the US trading day got underway. Stocks sank Tuesday after Federal Reserve Chairman Jerome Powell indicated the central bank is likely to keep rates higher for longer due to ongoing worries about inflation. At the Cesco copper conference in Santiago, analysts continued to offer bullish forecasts on the market outlook, with Goldman Sachs Group Inc. reiterating calls for a major deficit and CRU Group saying it doesn't see much room for prices to fall. On Tuesday, Trafigura Group Chief Executive Officer Jeremy Weir said copper will need to surpass $10,000 a ton to meet demand. In the aluminum market, there were further signs that traders are moving to execute a complicated but lucrative trade involving Russian metal in the LME's warehouse network, with nearby aluminum price spreads tightening and metal being ordered out of depots in South Korea. In tin, meanwhile, trad
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