Three-month base metals prices on the London Metal Exchange were predominantly lower during morning trading on Thursday August 1, with zinc futures topping losses with a 2% price drop.
The US Federal Reserve's decision to cut interest rates by 25 basis points for the first time in a decade on Wednesday led investors to reduce risk-exposure, with commodity prices selling off as a result. Zinc's three-month price dipped to an intra-morning low of $2,386 per tonne on Thursday, its lowest level since July 10, while volumes were sizeable at some 3,500 lots exchanged as of 9:25am London time - behind copper's 4,500 lots. "If the metals continue to drift they will start...