The base metals prices on the London Metal Exchange (LME) closed higher on Tuesday. LME Clear, the clearing house for the London Metal Exchange (LME) market, announced Tuesday that it can now accept offshore Renminbi (CNH) as eligible cash collateral, effective immediately.
This follows regulatory approval for the initiative from the Bank of England, said LME Clear. And Chinese-owned BOCI Global Commodities, a subsidiary of Bank of China, will be the first LME Clear Member to submit CNH collateral.
The three-month unofficial copper price increased 99.5 U.S. dollars, or 1.91 percent, to 5,304.5 U.S. dollars per tonne. The three-month unofficial aluminium price increased 15 U.S. dollars, or 0.91 percent, to 1,661 U.S. dollars a tonne.
The three-month unofficial lead price increased 14 U.S. dollars, or 0.81 percent, to 1,734 U.S. dollars a tonne. Besides, the three-month unofficial zinc price increased 45 U.S. dollars, or 2.32 percent, to 1,984 U.S. dollars a tonne.
The three-month unofficial nickel price increased 275 U.S. dollars, or 2.50 percent, to 11,285 U.S. dollars a tonne. The three-month unofficial tin price increased 575 U.S. dollars, or 3.70 percent, to 16,125 U.S. dollars a tonne.
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