Base metals rally on trade talks

WEDNESDAY was a positive session for metals as hopes of trade talks between the US and China boosted sentiment.

Base metals rally on trade talks Base metals rally on trade talks Base metals rally on trade talks Base metals rally on trade talks Base metals rally on trade talks

Image: iStock/macgyverhh

"Senior officials led by US Treasury Secretary Steven Mnuchin extended an invitation to counterparts in China to come to Washington to discuss trade between the two countries," ANZ Research said.

"The news was enough to raise hope of some easing in tensions, resulting in a broad relief rally across the sector."

Nickel led the charge, jumping by 3.3% to US$12,543 per tonne, after reaching a 2018 low a day earlier.

Lead gained 3%, while zinc and copper were up by more than 2% each.

Even cobalt, which had been stuck below $62,000/t for several sessions, gained 2% to $62,806/t.

Meanwhile, gold gained some ground after the US producer price index (PPI) missed expectations.

Comex futures shot up as high as $1213.90 an ounce early this morning...

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