London Metal Exchange zinc made the most gains on Thursday February 4 morning, with the majority of other metals - except tin - consolidating around recent prices due to a rising US dollar index amid the prospect of the United States passing a Covid-19 stimulus package.
LME zinc's three-month price was up 0.8% on Thursday to $2,637 per tonne at 9am, following its 1.8% gain over Wednesday to $2,615 per tonne. Following on from Wednesday's fresh cancellation of 11,525 tonnes of zinc on LME warehouses, there was a further 10,325-tonne cancellation in Port Klang, Malaysia. Over 100,000 tonnes of zinc were delivered into LME stocks across Southeast Asia and the United States early last week, which led prices to sink to their lowest since early November 2020. The US Dollar Index strengthened to 91.45 on Thursday at 9am, up from Wednesday's reading of 91.14 at 5pm, with market hopes of more stimulus continuing...