Base metals prices were on divergent paths at the close on the London Metal Exchange on Tuesday January 2 while most prices tried to consolidate recent gains.
Zinc was one of the strongest performers today, hitting a high of $3,352 per tonne - the highest since August 2007. Lead followed its sister metal higher, closing up 2%. "Zinc has opened 2018 in a bullish mood; still, falling LME stocks suggest the underlying fundamentals remain tight," James Moore, Metal Bulletin analyst said."But the lack of fresh cancelations suggests the market has ample supply for the time being, with continued forward-selling suggesting producers still view gains as a hedging opportunity. While the price trajectory still lies to the upside amid bullish market sentiment, we maintain our overall view that the deep structural deficits...