Base metals prices on the London Metal Exchange were mostly lower during morning trading on Wednesday January 2, pressured by a slump in Asian markets amid poor economic data while a modest recovery in US stock market futures indices did little to improve negative sentiment.
Worst affected over the morning was the three-month zinc price, which fell just over 3% to trade below $2,400 per tonne and at its lowest level since September 2018. According to LME data on December 31, there remains one dominant warrant holding position currently holding 50-79% of total zinc stocks. LME zinc stocks are at their lowest since 2008. Similarly, nickel futures continue to trade in a persistent downtrend, dropping to an intraday low of $10,545 per tonne, the metal's lowest price since December 2017. Weaker than expected manufacturing data from China prompted Asian markets to open trading in quiet fashion, spurring continued concerns over the health of the Chinese economy. Additionally, a slump in US stock market indices over the morning...