Official prices on
the London Metal Exchange three-month steel billet contract fell on November 24
as trading activities slowed down on the first day of USA's Thanksgiving
holiday.
The LME three-month official bid/offer spread was at
$520/530/MT i.e. down from $523/533/MT a day before.
The
official cash spread was also at $510/MT i.e. down by
$3/MT.
According to market players, ” We expect a continuation of the lackluster trading activity as many U.S. participants are most likely
enjoying a long weekend.Consequently, volatility is expected to remain low. The bias, however,
will remain to the downside with the broader macroeconomic events still placing
a drag on industrial metals”.
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