Metals traders are leaving hedge funds as markets disappoint

While gold, silver and mining stocks continued their uprisings, their rallies are built on foundations of sand.

Rusal, the world's largest aluminum producer outside China, is expected to account for 6% of global supplies of the metal this year.

Also undermining copper was news of a possible labor deal in a mandatory mediation process to avoid a strike at Los Pelambres.

Australia expects a boost to its commodity export earnings caused by Russia’s invasion of Ukraine to last into 2024.

Bullion is holding the key $1,700 price level, however.

What will happen to Russian metal is one of the hottest topics of debate among traders.

The Institute for Supply Management’s gauge of US factory activity dropped to the lowest in more than two years in September.

Bullion is now closing in on its 50-day moving average after surging Monday.

It's clear the LME isn't going to be rushed into any decision on whether to continue accepting Russian metal against its contracts, writes Andy Home.