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Base metals look to strong global recovery in 2021

December 24, 2020by Nicholas Kabaso0

It was a relatively uneventful day in Zambia yesterday amid a lack of domestic data. 

On the base metals front, there has been some profit taking on copper during the Asian session after the benchmark 3m LME contract gained some 1.24% to close at $7843.40/tonne overnight. A contraction of some 0.3% noted with the contract trading at $7818.50/tonne at 04.00am this morning. 

Base metals remain focused on a strong global recovery in 2021 which was led by China for the second half of 2020 following the COVID-19 shutdowns. It is worth keeping an eye on Chinese policymakers and how they manage the economy given that China may still be providing much of the growth, at least in the first half of 2021. Beijing announced on Tuesday that its Central Bank will scale back support for the economy in 2021 and cool credit growth.

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Nicholas Kabaso

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