Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Friday January 4, with a weaker dollar index spurring buying momentum in London.
Climbing more than 3% over the morning, the three-month zinc price was the morning's best performer. The price has gained more than $150 after just 4,000 lots have traded as of 10:10am London time, while a decade-low in total LME stocks continues to support upward price action. The metal's cash/three-month spread, which widened to its widest backwardation in over 10 years at $124 per tonne in December 2018, remains wide at $67.75 per tonne this morning, from $40 per tonne on December 31. Not far behind, upward momentum in copper's three-month price resulted in a 2.5% climb over the morning trading session, with the metal's three-month futures price reaching an intraday high of $5,892 per tonne, while total volumes traded is high at 11,000 lots changing hands as of 10:10am London time. "What started as a relief rally this morning then built into a bigger move...