This Morning

In London, LME 3-mo. copper and aluminum futures traded as low as $5,638/mt and $1,697.50/mt, respectively, before retracing some of those losses. Fastmarkets reports that LME 3-mo. lead prices “closed at its lowest level since May 2019 on Monday February 10, dipping below the key $1,800-per-tonne support level, while nickel futures struggled to breach resistance against thin trading volumes.” In foreign exchange trading the euro dipped to $1.092 and the dollar was buying 109.7 Japanese yen, while on Wall Street the Dow Industrials were up 0.2% in early afternoon trading.