Zinc's price was nearly 2% higher on the London Metal Exchange with dip-buying having started and futures prices edging upward on Wednesday February 3, following two days of decreases, with the easing of the Dollar Index helping to support metal prices.
Zinc's three-month price closed 1.8% higher at $2,615 per tonne on Wednesday at 5pm, the first time it has closed above the $2,600 per tonne mark since January 26.Its price at 5pm on Tuesday was $5,569.50 per tonne. The galvanizing metal had been on a downtrend since last Thursday, suggesting that Wednesday's rise was the result of an emergence of dip-buying."Downside pressure has been limited by support around $2,550 per tonne, an area of previous resistance from September," Fastmarkets analyst James Moore wrote in this week's Base Metals Market Tracker. "Confirmation...